Russia, US in talks over rare earth JVs: report

Washington and Moscow have begun discussions on joint rare earths projects in Russia, the head of the country’s sovereign wealth fund, Kirill Dmitriev, told pro-Kremlin Russian newspaper Izvestia on Monday.

Dmitriev, who was part of Russia’s negotiating team at talks with U.S. officials in Saudi Arabia in February, said some companies have expressed interest in potential joint ventures. Izvestia reported the cooperation on rare earths could be further discussed at the next round of Russia-U.S. talks, expected to take place in Saudi Arabia in the coming weeks.

Russian President Vladimir Putin suggested in February the Washington might be open to exploring rare earth deposits in Russia, which holds the world’s fifth-largest reserves of the metals, used in magnets, mobile phones and military equipment. Putin said at the time he was open to working with foreign partners including Americans. He listed various regions including Siberia and and Russia’s Far East as key regions for rare earth mining.

The US Geological Survey estimates Russia’s reserves of rare earth metals at 3.8 million tonnes, but Moscow claims the actual figure is significantly higher.

Ukraine deal

Donald Trump said last week his administration would soon sign a wide-ranging minerals and natural resources deal with Ukraine. President Volodymyr Zelenskyy responded by saying he would not accept any agreement that threatened the country’s integration with the European Union.

Trump has claimed the impending deal would allow the U.S. to recoup billions of dollars spent on military aid to Kyiv. Ukraine, in turn, wants the agreement to include long-term U.S. security guarantees against future Russian aggression.

Ukraine indicated openness to a 30-day ceasefire with Russia, contingent upon mutual agreement. The two have agreed to a ceasefire in the Black Sea region.