Trump eyes Russia’s rare earth reserves after ‘serious’ strategic talks with Putin
After threatening to grab rare earths from Ukraine and Greenland, new reports have emerged that President Donald Trump is now taking a closer look at Russia’s vast critical mineral riches.
According to recent news reports, the US President has already held “serious discussions” with Russian counterpart Vladimir Putin on a number of strategic issues while noting Russia’s “massive rare earth” deposits.
Russia’s rare earth reserves totalled 3.8 million metric tons in 2024—making it, according to the US Geological Survey data, the world’s fifth-largest reserves of rare earth metals, after China, Brazil, India and Australia.
Ready to collaborate
President Putin is reported to have suggested that Russia is ready to work with American companies to mine rare earths in both Russia and parts of Russian-occupied Ukraine.
“I want to stress that we certainly have much more of such resources than Ukraine,” Mr Putin said of Russia’s rare earth deposits in an interview with state media correspondent Pavel Zarubin.
“Russia is one of the leading countries when it comes to rare metal reserves [and] as for new territories, we are also ready to attract foreign partners—there are certain reserves there too,” Mr Putin said.
Vital strategic reserve
The news emerged after Mr Putin held a meeting on Monday to discuss his country’s rare earth metals production, which he described as a vital strategic reserve for Russia’s ongoing competitiveness and economic development.
Russia launched the national ‘New Materials and Chemistry’ project earlier this year to enhance its production of such materials as rare earths.
Mr Putin said the project’s goal was to establish a complete rare-earth metals industry and significantly boost Russia’s production of high-tech goods.
US-Ukraine talks
The US and Ukraine have also reportedly made significant progress towards reaching an agreement that would provide the US with access to Ukraine’s rare earth minerals.
However, questions have been raised in Europe about the size of Ukraine’s rare earth resources.
While it has been suggested that Ukraine is rich in battery metals such as lithium and graphite, there is no actual proof the country’s resources include rare earth metals.