New Delhi, June 17 (IANS) Russia has reportedly offered India access to the Tomtor rare earth metals deposit in the republic of Sakha (Yakutia), and Indian state miner Indian Rare Earths Ltd (IREL) is holding confidential talks with Rosneft on obtaining deposit samples for analysis.

The Moscow Times, citing reports, said the deposit material would undergo preliminary processing in Russia before being shipped to India for detailed testing, where Indian specialists will assess its mineral composition to decide on cooperation.

Tomtor rare earth metals deposit is one of the world’s largest undeveloped sources of rare earth elements.

The discussions come as New Delhi seeks to strengthen domestic supply chains for critical minerals and reduce reliance on China, currently dominating the global rare earth industry.

Control of the Tomtor project was transferred to Rosneft in 2025 as Moscow stepped up efforts to develop its domestic critical minerals sector, the report added.

For Russia, expanding cooperation with India on strategic commodities offers an avenue to develop resource projects and deepen economic ties with a key trading partner.

Rare earth metals have applications in production of permanent magnets used in electric vehicles, renewable energy technologies and defence systems.

India possesses the world’s third-largest rare earth reserves, and the government has launched multiple initiatives to build domestic processing and manufacturing capacity of rare earth metals.

The government approved a $771 million program in November 2025 to support domestic rare earth magnet production.

“IREL has been actively seeking to diversify its sources of raw materials and is evaluating projects in Argentina, Australia and Malawi, while also discussing potential partnerships with Japanese and South Korean companies,” the report said.

Indian state-owned companies Steel Authority of India (SAIL) and National Mineral Development Corporation (NMDC) were also reportedly considering acquiring Russian coal assets after an Indian delegation in May met government officials and coal industry representatives in Russia.

—IANS

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