Mon-Fri 8am-6pm EST -  Support: 212-391-2211

  • My account
Wallace Precious MetalsWallace Precious Metals
0
  • Home
  • Gold
    • Gold Coins
      • American Gold Coins
      • Canadian Gold Coins
      • British Gold Coins
      • Chinese Gold Pandas
      • Austrian Gold Philharmonics
      • European Gold Sovereigns
      • Gold Bars
    • Other Gold Coins
      • Somalian Gold Elephants
      • Ukrainian Gold Coins
      • Disney Gold Coins
      • South Korean Gold Coins
      • World Gold Coins
  • Silver
    • Silver Coins 1
      • Silver Bars
      • Silver Coins
      • Silver Bars
      • Silver Rounds
      • Silver Statues
      • Silver Bullets
      • Silver Eagles
      • Silver Dollars
      • 90% & 40% Silver Coins
      • Ukrainian Silver Coins
    • Silver Coins 2
      • America The Beautiful Series
      • Canadian Silver Coins
      • Canadian Silver Coins
      • Chinese Silver Pandas
      • Austrian Silver
      • South Korean Silver Coins
      • British Silver Coins
      • Australian Silver Coins
      • New Zealand
      • Gilded Silver Coins
    • Other Silver Coins
      • Solomon Islands Silver Coins
      • Armenian Silver Coins
      • Biblical Silver Coins
      • Cook Islands Silver Coins
      • Rwanda Silver Coins
      • Congo Silver Coins
      • Fiji Silver Coins
      • Native American Coins
      • Disney Silver Coins
      • World Silver Coins
  • Platinum
    • IRA Eligible Platinum
    • Platinum Bars
  • Palladium
  • On Sale
    • New Arrivals
  • Sell To Us
  • Charts
    • Gold Price Charts
    • Silver Price Charts
    • Platinum Price Charts
    • Palladium Price Charts
    • Stock Market Analysis
      • Technical Analysis Charts
    • Commodities Chart Box
  • IRA
  • Other
    • Copper
      • Copper Bars
      • Copper Rounds
      • Wheat Pennies
    • Accessories
      • Bar Accessories
      • Coin Accessories
  • Contact

Russia depends on imports of many critical minerals – report

Admin
May 20, 2021 Precious Metals News Comments Off on Russia depends on imports of many critical minerals – report


Editor’s Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today’s must-read news and expert opinions. Sign up here!

(Wallace Refiners) – According to the Russian news agency RIA Novosti, over the past three years, Russia has imported more than a third of strategic types of minerals, and such dependence on foreign supplies of scarce minerals carries risks for national security, especially in the context of existing sanctions, the agency said.

These scathing findings have been reported by the Russian State Chamber of Accounts following an audit of the effectiveness of the state subsoil fund management system for 2018-2020.

“In the period under review, more than a third of strategic types of minerals and more than 60 percent of scarce types of minerals were imported in significant volumes,” the document revealed.

According to the report, the needs of the Russian economy in manganese, chromium, titanium and lithium over the past three years have been fully met through imports, and for zirconium this indicator averaged 87.2% for the period.

These types of mineral resources are not only strategic, but also scarce, and are important for the variety of economic sectors. “The emergence of interruptions in import supplies can create risks for the full functioning of the branches of ferrous and non-ferrous metallurgy, the military-industrial complex, the aerospace industry, the chemical industry, and medicine,” the auditors warned.

The department also noted a high share of imports of some types of minerals that are not strategic, but extremely important for different economic sectors: iodine – 100%, fluorspar – 95%, bentonites for foundry – 89.6%, kaolin – 68.3%. These minerals have a wide range of applications and are used in metallurgical, chemical, nuclear, medical and other industries.

“In addition, domestic enterprises do not fully meet the demand for raw materials for such strategic types of mineral resources as bauxite (the share of imports for the period was 68.6% on average), copper (49.6%), molybdenum (40.2%)”, the report indicated.

Russia also imports compounds of certain minerals – for example, beryllium compounds, oxides of separated rare earth metals, or individual metals and their mixtures.

The main suppliers of strategic and scarce types of minerals to Russia are Ukraine, Kazakhstan, Chile, China, Mongolia, South Africa.

“On average, Ukraine supplied 82.9% of titanium, 51.2% of zirconium and 70% of kaolin; Kazakhstan accounted for 87% of imported chromium and 73.2% of imported copper; 70.7% of lithium was imported from Chile; 83.3% of bauxite is from China; Mongolia supplied 85.2% of fluorspar,” the report revealed.

According to the Chamber of Accounts, the Ministry of Industry and Trade of Russia does not take sufficient measures to substitute imports of scarce types of minerals and strategic mineral raw materials, and the existing measures are ineffective.



Disclaimer: The views expressed in this article are those of the author and may not reflect those of Wallace Precious Metals The author has made every effort to ensure accuracy of information provided; however, neither Wallace Precious Metals nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Wallace Precious Metals and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.



Source link

criticaldependsimportsMineralsreportRussia
admin

Gold prices down following another pandemic low in weekly jobless claimsPrevious post
BHP enters A$22 million farm-in agreement for Northern Territory copper projectNext post

NEWSLETTER

Subscribe to our newsletter to get updates regarding our business and precious metal refining.

MY ACCOUNT

  • Cart
  • Checkout
  • On Sale
  • My account
  • Shop

ABOUT US

  • Sell To Us
  • Careers
  • About
  • Payments
  • Refine Jewelry

Address

Wallace Refiner’s Inc

+1 212-391-2211

15 W 47th St # 101, New York, NY 10036, United States

contact@wallacerefiners.com

©2020 Wallace Refiners - Wallace Precious Metals | All Rights Reserved.

Send Enquiry