KazAtomProm and AtomRedMetZoloto sign MoU to produce rare earth metals

KazAtomProm and AtomRedMetZoloto of Russia signed an MoU on cooperation to jointly produce rare and rare earth metals, Tengrinews.kz reports. “An important document has been signed today between KazAtomProm and AtomRedMetZoloto. With prices for rare earth metals soaring and set to further soar, the demand for rare earth metals has been on the rise (…) Russia and Kazakhstan have been expanding cooperation not only with regards to nuclear fuel and nuclear technology, but also with regards to supplies of rare earth metals to international markets”, Rosatom's Director General Sergey Kirienko said. KazAtomProm Chairman Vladimir Shkolnik briefed that annual global demand for rare earth metals stands at 130 000 tons, and the world is facing deficit of the metal. “This is exactly the right time to enter the market and become a major player (…) Currently, most of the rare earths are produced in China, but the country has been limiting exports of late, and its domestic demand is expected to outstrip its production. Since the metals are a strategic resource of the countries, to implement the plan we need approval at the heist level”, he said. “According to our estimates, Kazakhstan and Russia jointly have all the conditions in place to hold a strong position in the rare earth metals market”, Rosatom's Director General Sergey Kirienko believs. State-owned national atomic company Kazatomprom is Kazakhstan’s sole organisation for uranium mining; reprocessing and export & import operations.