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Abstract Following the recent discovery of rare earth elements by Japanese scientists on the ocean floor, another significant development has emerged from the Russian Far East. News has surfaced that the Tomtor rare earth mine is set to begin operations soon, potentially becoming the largest rare earth mining area in the world. According to reports from Russian media, the project is being driven forward by a major collaboration between the Russian ICT Group and Rostec, a state-owned technology corporation. Together, they have committed $1 billion to support the development of this massive resource site.
The Tomtor mine spans 250 square kilometers in the Sakha Republic (Yakutia) and holds an estimated 150 million tons of rare earth reserves, including strontium, barium, and other critical elements. Analysts believe this development could mark a turning point in the global rare earth market, challenging China's long-standing dominance in the sector.
In recent months, several overseas rare earth projects have started or resumed operations, signaling a shift in the global supply chain. For instance, the Mountain Pass mine in California, once the largest producer of rare earths in the U.S., has been reactivated. It is known for its high-grade ore, with a rare earth content ranging from 5% to 10%, and has proven reserves of 1.47 million tons. Meanwhile, in Australia, the Mount Weld mine, which began operations last year, also boasts high-quality reserves—1.4 million tons of proven reserves and over 6 million tons in potential reserves.
These developments indicate that the rare earth landscape is evolving, with more countries stepping up their efforts to reduce dependency on a single region. As new mines come online, the balance of power in the rare earth industry may gradually shift, creating new opportunities and challenges for global markets.