Kazakhstan is auctioning rare earth deposits to foreign companies, including those from the U.S., EU, and China, aiming for increased revenue through competition. Recent geological exploration indicated significant reserves of rare metals. Similarly, Russia plans to expand its rare earth industry, offering potential partnership opportunities with American businesses.
Kazakhstan’s Minister of Industry and Construction, Kanat Sharlapaev, has announced that U.S., EU, and Chinese companies can participate in government-held auctions for rare earth and rare metal deposits. This move is aimed at generating revenue through competition among global players for these critical materials, vital for renewable energy and electric vehicle production.
Sharlapaev endorsed auctioning rare earth deposit rights, stating, “It is fair practice… I support the auctioning of some deposits with proven reserves”. He highlighted that Kazakhstan is already conducting subsoil auctions, encouraging interested parties to participate in developing these deposits based on proven reserves.
Official results of these auctions will be published post-event. Previous reports indicated that U.S. President Donald Trump aimed for a $500 billion deal with Ukraine for rare earth metals, although the actual valuations seemed lower, with ongoing discussions about U.S. security guarantees concerning Ukraine’s resources.
In a recent Kremlin meeting, Russian President Vladimir Putin revealed plans to develop a comprehensive rare earth and rare metal industry in Russia, from extraction to high-end production. Putin indicated, “By the way, we would be open to cooperation with our American partners… as long as they show interest in working together.”
Kazakhstan’s Ministry of Industry disclosed a discovery of 2.6 million tons of rare earth metals, including tungsten and niobium, identified in 2024. Notably, the Kuirektykol deposit contains approximately 800,000 tons of rare earth metals such as cerium and lanthanides. In total, 38 promising areas with various solid minerals have been pinpointed.
Kazakhstan’s Prime Minister, Olzhas Bektenov, further reported confirmed geological reserves of zinc, beryllium, tungsten, copper, and lead following explorations in the East Kazakhstan region conducted from 2020 to 2024.
Kazakhstan seeks to boost its economy by auctioning rights to its rare earth metal deposits, inviting U.S., EU, and Chinese companies to compete. The move aligns with global demand for critical materials necessary for renewable technologies. Concurrently, Russia is also developing its rare earth capabilities, indicating a competitive landscape in this sector.
Original Source: kz.kursiv.media
