The initiative by New Delhi and Moscow aims to develop technologies for making rare-earth magnets.
India and Russia are collaborating to develop technologies for making rare-earth magnets, which are key for industries ranging from electric vehicles to renewable energy.
Last week, JSC Giredmet, a unit of Rosatom’s scientific division, signed a memorandum of understanding with India’s Nexon Geochem Pvt Ltd, for research and development of technologies for processing raw materials of rare-earth magnets.
JSC Giredmet also signed a letter of intent with Technology Innovation in Exploration & Mining Foundation (TEXMiN) for research and development of technologies for producing permanent magnets.
Rare-earth magnets are described as the unseen foundation of the green economy, being key components in computer hard drives, wind turbines, electric motors, biomedical devices, and other industrial applications.
Global interest in rare-earth minerals has been rising amid growing trade tensions between Washington and Beijing. China, the world’s largest producer of rare earths, has restricted exports in response to US tariffs, sparking supply disruptions for the automotive and other high-tech industries.
India’s consumption of rare-earth permanent magnets is expected to double by 2030. New Delhi imports most of what it needs.
New Delhi has been looking to expand its rare-earth supply chains. During US Secretary of State Marco Rubio’s India visit earlier this week, New Delhi and Washington formalized a framework for the supply, mining, processing, recycling, and investment in critical minerals and rare earths.
In February, India said it aims to start producing rare-earth permanent magnets by the end of the year in partnership with the private sector. It allocated $802 million for a program to manufacture rare-earth permanent magnets last November.
The South Asian nation is home to the world’s third-largest reserves of rare earths, at 6.9 million tons, though it mines only a tiny part of it.
Russia holds an estimated 658 million tons of rare metals, including 28.5 million tons of 15 rare-earth types, according to the Natural Resources Ministry. In November of last year, Russian President Vladimir Putin instructed the authorities to develop a rare-earth metals strategy.
