Prospective industrial complexes in the Russian Arctic: focus on rare-earth metals

¹ PhD in Economics, Assistant, St. Petersburg Mining University, 199106, St. Petersburg, Russia
² PhD in Economics, Senior Researcher, Luzin Institute for Economic Studies – Subdivision of the Federal Research Centre, Kola Science Centre of the Russian Academy of Science, 184209, Apatity, Russia

^* Corresponding author: vikasolovyova9@gmail.com

Abstract

At present, issues related to the development of rare-earth metal industrial complexes are becoming particularly relevant for Russia. Rare-earth metals (REMs) play a vital role in high technology. Therefore, success in technological progress largely depends on the availability of these metals. However, the country’s position remains uncertain – on the one hand, Russia possesses huge REM reserves, on the other hand, they are not exploited, and the existing level of import dependence of metals on supplies from foreign countries exceeds 80%. The main national REM reserves are in the Arctic region. Nevertheless, even rich deposits are still not exploited. This study aims to investigate the prospects for the development of REM industrial complexes in the Russian Arctic, taking into account both opportunities and constraints. The resource potential of REMs in the Russian Arctic is investigated, a comparative analysis of the characteristics of foreign and national REM objects is provided. The factors influencing the prospects of development of REM industrial raw material complexes are determined. Data on the main REM projects are systematized. The study makes it possible to draw some important conclusions about the current prospects for the development of rare-earth metal industrial raw materials complexes in the Russian Arctic.