Russia to invest $1B in rare earths to cut dependence on China

|By:, SA News Editor

Russia plans to invest $1B in rare earths (REMX) production by 2018 in a bid to become less dependent on China, which controls more than 90% of global supply.

A Russian joint venture has won the right to acquire ~82,600 metric tons of monazite concentrate stored in warehouses in the Russian Urals; the stock is rich in valuable heavy rare earths such as dysprosium and terbium, crucial for high-power magnets needed by the auto, defense and clean energy industries.