India seeks rare earth samples from Siberian deposit

Indian miner IREL is in talks with Rosneft to source rare ‌earth samples from Tomtor, the Siberian deposit acquired by the Russian oil producer last year, as New Delhi seeks to secure supplies of critical minerals dominated by China, a source said.

The talks are taking place through government channels, ​said the source, adding that the samples would be processed in Russia before being shipped ​to India.

India is keen to study the mineral composition of the deposit before ⁠considering deeper engagement, said the source, who has knowledge of the matter and spoke on the condition of anonymity as the discussions are confidential.

State-backed IREL is at the forefront of India's global outreach to secure rare earth supplies to meet rising domestic demand and wean itself off dependence on China, with ties between the two neighbours remaining frosty.

IREL, India's Department of Atomic Energy, which oversees the state miner, the ​foreign ministry, the mines ministry and Rosneft did not respond to Reuters' requests for comment.

Tomtor is ​located in Russia's Siberian region of Yakutia and is considered one of the world's largest undeveloped rare earth deposits.

The ‌United ⁠States has imposed sanctions targeting Russia's energy sector, with measures affecting Rosneft and Lukoil, to pressure Moscow over the war in Ukraine.

Rare earth elements are critical for making permanent magnets used in electric vehicle motors and a range of other clean energy and defence applications.

In November, New Delhi approved a ​73 billion Indian rupees ($770.77 million) programme ​to support rare ⁠earth magnet manufacturing.

-Reuters