India is seeking samples of rare earths from a Siberian deposit owned by Rosneft, a source says
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Indian miner IREL is in talks with Rosneft to obtain samples of rare earths from Tomtor, a Siberian deposit acquired by the Russian oil producer last year, as New Delhi seeks to secure supplies of critical minerals controlled by China, the source said.
The talks are going through government channels, the source said, adding that the samples will be processed in Russia before being sent to India.
India is interested in studying the mineral composition of the deposit before considering deeper involvement, said a source with knowledge of the matter who spoke on condition of anonymity because the discussions are confidential.
State-backed IREL is at the forefront of India’s global outreach to secure supplies of rare earths to meet growing domestic demand and wean itself off dependence on China, with relations between the two neighbors remaining frosty.
IREL, India’s atomic energy ministry that oversees the state miner, the foreign ministry, the mines ministry and Rosneft, did not respond to Reuters requests for comment.
Tomtor is located in Russia’s Siberian region of Yakutsk and is considered one of the world’s largest undeveloped rare earth deposits. The United States imposed sanctions targeting Russia’s energy sector, with measures targeting Rosneft and Lukoil, to pressure Moscow over the war in Ukraine.
Rare earth elements are critical to the production of permanent magnets used in electric vehicle motors and a variety of other clean energy and defense applications.
In November, New Delhi approved a 73 billion rupee ($770.77 million) program to support the production of rare earth magnets. India lacks commercial facilities capable of refining and separating the full range of rare earth elements to a high level of purity.
Last year, India, with the help of a powerful rebel group, examined samples of rare earths from neighboring Myanmar, Reuters reported. IREL is also in talks with Japanese and South Korean companies about plans to commercially produce rare-earth magnets, Reuters reported last year.
The company is also exploring rare earth mining opportunities in Argentina, Australia and Malawi and plans to start producing rare earth magnets between 2029 and 2030, the source said.
India has the world’s third largest reserves of rare earths, estimated at around 7.23 million metric tons, but currently does not produce rare earth magnets domestically.
Published – 16 Jun 2026 13:11 IST