Evgeny Petrov, head of the Russian Federal Subsoil Resources Management Agency (Rosnedra), stated in an op-ed on the TASS website that BRICS countries, following the accession of new members, now control 72% of the world’s rare-earth metals reserves.
Petrov highlighted the key risks to sustainable development of the global economy, emphasizing the exhaustibility of fossil fuels and the imbalance of reserves of critical mineral feedstock and technologies required for a successful energy transition.
He noted that the mineral and raw material complexes of BRICS countries complement each other in the mining and production of critical minerals. Petrov suggested that one potential area of cooperation is expanding mutual trade in mineral commodities and metals to ensure continuity of supplies and stability of prices.
“The simple analysis shows that accession of new members to BRICS will provide for 72% of world resources of rare-earth metals,” Petrov stated.
