BRICS countries hold 72% of world’s rare-earth metal reserves: Agency

BRICS countries, following the accession of new members, now hold 72% of the world's rare-earth metals reserves, stated Evgeny Petrov, head of the Russian Federal Subsoil Resources Management Agency (Rosnedra), in an op-ed on the TASS website, News.Az reports.

Key risks to sustainable development of the global economy are in exhaustibility of fossil fuel and the imbalance of reserves of critical mineral feedstock and technologies required for the successful energy transition, Petrov said.

Mineral and raw material complexes of BRICS countries complement each other as regards mining and production of critical minerals. "One of the possible areas of cooperation in this sphere is to expand the mutual trade in mineral commodities and metals for the purpose of ensuring continuity of supplies and stability of prices," he noted.

"The simple analysis shows that accession of new members to BRICS will provide for 72% of world resources of rare-earth metals," Petrov said.

News.Az