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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, and it is expected to become 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 corporation. Together, they have invested $1 billion to support the development of this massive resource site.
The Tomtor mine spans 250 square kilometers in the Yakutia region of Russia and holds an estimated 150 million tons of rare earth reserves, including valuable elements like strontium, barium, and their oxides. Analysts suggest that this development could mark a turning point in the global rare earth market, potentially challenging China’s long-standing dominance in the sector.
In recent months, there has been a noticeable shift in the global rare earth supply chain. Several overseas mines that had previously been inactive are now resuming operations. For instance, the Mount Pas mine in the United States, known as the world's largest single deposit of fluorocarbon-type rare earth ore, has restarted production. With a rare earth grade of 5% to 10%, it holds proven reserves of 1.47 million tons. Meanwhile, the Welde Mountain mine in Australia also began operations last year. This high-grade deposit has proven reserves of 1.4 million tons, with an estimated potential reserve of over 6 million tons.
These developments signal a growing diversification in the global rare earth industry, which may lead to more stable and competitive markets in the future. As new sources come online, the balance of power in this critical resource sector could be reshaped.