$1B Russian JV to Extract REEs from Stored Monazite

Russia is investing $1 billion in rare earths production in order to become less dependent on China, The Moscow Times reported on Thursday.

As quoted in the market news:

TriArkMining, a joint venture between Rostec and IST, has won the right to acquire 82,653 ton of monazite concentrate, stored in warehouses of state-owned Uralmonatsit in the Sverdlovsk region of the Urals.

The JV plans to extract about 40,000 tons of rare earths from the monazite concentrate stored in the warehouses over the course of seven or eight years starting from 2015, the companies said.

Click here for the full Moscow Times article