Rare Earth Industry – How to Take Advantage of Opportunities
V. А. Kryukov, V. A. Yatsenko, Ya. V. Kryukov
Abstract
The article analyzes the features of the formation and development of the industry associated with the extraction and processing of rare earth metals (REM). REM are widely used in modern high-tech devices and products. A distinctive feature of REMs is the integration of their extraction and production into global chains. At present, China has a dominant position in the REM supply market. This situation is a consequence of state policy, which includes a wide range of support and lobbying measures. Russia has one of the largest potential for the extraction and production of rare earth metals, but this potential is not being properly realized. The volume of extraction and production is small, and a significant part of the production is exported. Russia is forced to import many types of highly purified rare earth metals. Authors believe that the current economic situation – a change in the configuration of global REM value chains – creates a unique chance for Russia to bring potential opportunities in line with its real situation.