Ministry for the Development of Russian Far East: Russia can offset up to 7% of global lithium deficit

According to forecasts, the global market could face a lithium shortage of approximately 1.3 million tons and a rare-earth metals deficit of 66,000 tons by 2040. Lithium is critical for manufacturing batteries for electric vehicles and renewable energy systems.

In a report by Alexey Chekunkov, head of the Ministry for the Development of Russian Far East, Russia’s domestic production development could offset up to 7% of the global lithium deficit (around 91,000 tons). Additionally, the country could cover 4% of the rare-earth metals shortfall (roughly 2,600 tons) and capture up to 15% of the global beryllium market.

Russia’s Ministry of Natural Resources previously stated that the nation’s total rare metal reserves are estimated at 658 million tons, sufficient to fully meet domestic demand.

Rare metals include 14 elements, such as lithium, rubidium, cesium, beryllium, and rare-earth metals. The ministry reports that Russia’s balance reserves of rare-earth metals (encompassing 15 minerals) amount to 28.5 million tons, including elements like samarium, yttrium, lutetium, and others.