rare earth
After China imposed a ban on the export of rare earth magnets, India has started scrambling to meet the supply of these important minerals. Making continuous efforts for this. In this sequence, India is in talks with Russian oil company Rosneft regarding the study of rare earth reserves present in Siberia. This initiative can prove important in meeting the needs of India’s electric vehicle, electronics and defense sectors. Emphasis is also being laid on increasing cooperation in this field between the two countries.
Rare earth elements are used to make permanent magnets, which are used in electric vehicle motors, mobile phones, computers and other modern electronic devices. India is currently largely dependent on the import of these elements for its needs because there is not enough commercial capacity for their refining and processing in the country.
Concern increased after China’s ban
China is the largest supplier of rare earth elements in the world. In recent years, due to the restrictions imposed on exports by China, many countries including India had to face supply related challenges. Due to this, India has intensified its search for alternative sources.
Increasing cooperation with Russia
During the India-Russia annual summit held in December, both the countries had agreed to increase cooperation in the field of rare earths and other important minerals. Russia has one of the world’s largest rare earth reserves, located mainly in Siberia and the Murmansk regions. Rosneft last year acquired significant rare earth reserves located in the Tomtor region of Siberia.
Focus on technology development also
Recently, an agreement has been signed between Giredmet of Russia and Nexon Geochem of India for research and development of rare earth processing technology. Apart from this, cooperation has also been started between Giredmet and TEXMiN for joint development of Neodymium-Iron-Boron (NdFeB) magnet technology. This can help India in strengthening the rare earth supply chain in future and reducing dependence on imports.
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