Saint Petersburg Mining University, Saint Petersburg, Russia
A. E. Cherepovitsyn, Head of the Department of Organization and Management, Doctor of Economic Sciences, Professor, e-mail: Cherepovitsyn_AE@pers.spmi.ru

I. P. Dorozhkina, Postgraduate Student, e-mail: IrinaDorozhkina.99@gmail.com

2 Research Institute Environmental Industrial Policy Centre,Moscow, Russia
T. V. Guseva, Deputy Director for Research, Doctor of Economic Sciences, Professor, e-mail: Tatiana.V.Guseva@gmail.com

Yu. N. Burvikova, Head of the Department of Studies on Resources and Ecology, Candidate of Chemical Sciences, e-mail: U.Burvikova@eipc.center

Today, the rare earth metals (REM) industry represents one of the promising economic development areas of the Russian Federation. The REM application fields are multiple and include the production of magnets, luminophores, hybrid engines, technological processes of the defence industry, aviation and rocket engineering, green energy, and chemistry, as well as other high-tech industries, indicating that the development and expansion of REM domestic production is necessary to ensure the technological sovereignty of the country. For several reasons, including those related to an excessive focus on the import of REM, even though the country has its own minerals, the production potential of this industry sector remains unfulfilled. Though Russia takes one of the leading positions in REM reserves (about 21 million ton), currently the share of REM production does not exceed 1% of the global level. The availability of reserves and the development of the rare earth industry meet domestic demand and develop the export potential of finished products. This study aims at identifying the key problems and providing a rationale for the opportunities of working out institutional mechanisms for the development of the REM industry in Russia. The main results are presented as an analysis of global REM production and consumption patterns, estimated scenarios of changes in demand for individual elements, an overview of organisational, economic, and technological problems, as well as proposed approaches to determining the institutional framework for the development of the domestic REM industry. The results of the study can be used in making decisions regarding the development and implementation of projects in the field of REM production at different management levels.

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