Indian state-owned miner IREL is holding discussions with Rosneft to obtain rare earth samples from the Tomtor deposit in Siberia, a source told Reuters, as New Delhi intensifies efforts to secure critical mineral supplies and reduce its reliance on China.
The talks are being conducted through government channels, according to the source, who added that the samples would be processed in Russia before being shipped to India. India wants to examine the deposit’s mineral composition before “considering deeper engagement”, said the source, who spoke on condition of anonymity because the discussions are confidential, Reuters reported.
IREL is leading India’s overseas push to secure rare earth resources amid growing domestic demand and continued tensions with China.
Located in Russia’s Yakutia region, Tomtor is regarded as one of the world’s largest undeveloped rare earth deposits. The development comes as the United States maintains sanctions on Russia’s energy sector, including measures affecting Rosneft and Lukoil, over Moscow’s war in Ukraine.
Rare earth elements are essential for permanent magnets used in electric vehicles, clean energy technologies and defence equipment. In November, India approved a ₹73 billion ($770.77 million) programme to promote rare earth magnet manufacturing. However, the country still lacks commercial-scale facilities capable of refining and separating the full range of rare earth elements to high-purity levels.
Reuters reported last year that India was exploring rare earth samples from neighbouring Myanmar with the support of a powerful rebel group.
IREL is also in discussions with Japanese and South Korean companies to commercially manufacture rare earth magnets. The company is evaluating mining opportunities in Argentina, Australia and Malawi, and plans to begin rare earth magnet production between 2029 and 2030, the source said.
India holds the world’s third-largest rare earth reserves, estimated at about 7.23 million metric tonnes, but does not currently produce rare earth magnets domestically.
