On May 3rd, Russia announced plans to break its dependence on rare metal imports and accelerate lithium mining projects.
By 2030, Russia aims to eliminate its reliance on imports for 12 rare metals including lithium and rare earth elements.
The Director of the Federal Subsoil Resources Agency in Russia stated, "Other minerals include niobium, tantalum, zirconium, and manganese. Through a series of measures, we expect to eliminate dependence on imports of 12 rare raw materials by 2030. Some production will be geared towards exports."
Up to now, Russia has not been mining lithium, which is used in nuclear power industry, energy storage systems, and electric vehicle batteries.
However, according to a statement from Russia's State Atomic Energy Corporation, several deposits have begun accelerating lithium mining projects. The company estimates Russia's domestic demand for lithium to be around 400 to 700 tons per year.
Russia boasts abundant energy reserves. According to data from the International Energy Agency (IEA), Russia ranks eighth globally in oil reserves and second in natural gas reserves.
