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Siberia could be home to one of the largest rare earth deposits in the world

TomtorA rare earth and niobium deposit located in northeastern Siberia, it is the world’s third largest of its kind, the miner said. Polymetal, competitor minority of the project.

“Evaluation of the reserves has confirmed that the scale and high content of Tomtor make it one of the key deposits in niobium and rare earths in the world,” he said. affirmed Polymetal CEO Vitali Nesis, citing estimates that ThreeArc Mining, operator of the project, has made a sector of the deposit.

Silver, gold and copper miner Polymetal, listed on the London and Moscow Stock Exchanges, has a 9.1% stake in ThreeArc Mining.

ThreeArc is starting a feasibility study of the project, which involves the construction of a factory with an annual production capacity of 160,000 tons, scheduled to start in 2025.

Niobium is used in alloys, mainly in steel, which is reinforced by adding only a small percentage of this element. Other applications include the nuclear industry, electronics, optics, and jewelry.

Rare earths is a group of 17 chemical elements essential for a wide range of industries, from consumer electronics and electric cars to the manufacture of military components. Currently china dominate production world of rare earth elements, described as ‘industrial gold’, and which are difficult to extract and process.

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