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Russian ministries drafting proposals to incentivize rare earth extraction

As Industry and Trade Minister Anton Alikhanov noted, the plan is to increase domestic output to 50,000 tons of metals and reduce the share of imports, which is currently "quite high," up to 75%

MOSCOW, February 20. /TASS/. Russia’s Economic Development Ministry together with the Finance Ministry and the Economic Development Ministry are preparing proposals that incentivize rare and rare earth metal extraction, Industry and Trade Minister Anton Alikhanov told a forum.

The plan in this area is to create 24 supply chains covering the full production cycle, from ingoing material to final products, he said, adding though that not all projects are economically viable.

"Nevertheless, we are drafting proposals jointly with our colleagues from the Finance Ministry and the Economic Development Ministry with potential incentives for such projects, for their <…> implementation," the minister added.

Overall, it is planned to increase domestic output to 50,000 tons of metals and reduce the share of imports, which is currently "quite high," up to 75% or higher on some items, to 45% within the next six years, he noted.

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