Putin's Friend Takes Control Of Russia's Largest Rare Earth Deposit

It is located in the north of the Siberian region of Yakutia.

"Rosneft has acquired Tomtor, Russia's largest deposit of rare earth metals. The oil company is headed by Igor Sechin, a businessman close to Vladimir Putin.

It was reported by Reuters.

Tomtor is located in the northern Siberian region of Yakutia. It is a key project in Russia's plans to boost production of metals used in the military, as well as in cell phones and electric cars, to reduce dependence on imports from China.

In November, Putin accused Tomtor's operator of dragging out development of the deposit, suggesting it should either attract investment or seek help from third parties, including the state.

Before the war against Ukraine, Russia planned to invest $1.5 billion in rare earth minerals, aiming for a 2 The country aims to become one of the top five rare earth producers with a global market share of up to 12% by 2030, according to a strategy to develop the sector.

Businessman Alexander Nesis, a former shareholder in Polymetal, a major gold and silver producer, previously owned a 75% stake in ThreeArc Mining, the project operator, through his IST group of companies.

After a change of ownership due to the start against Ukraine and subsequent Western sanctions on Russian businesses, the project operator came under the control of former IST manager Vladislav Resin before being acquired by Rosneft.

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