Estonia and US prepare rare earth elements agreement — ERR News
Estonia and the United States are working on an agreement on rare earth elements intended to strengthen supply security. The talks do not concern Estonia’s mineral deposits: the parties aim to develop local industry and attract new investment, ERR News reports.
Industry development in Estonia
Estonian Foreign Minister Margus Tsahkna said the country is interested in creating at least Europe’s largest knowledge and development center in the field of rare earth elements. According to him, Estonia also seeks to attract larger-scale investment, strengthen its role in the rare earth elements network and take into account the security aspects of cooperation.
The global rare earth elements market is largely controlled by China, which has significantly restricted exports in recent years. As a result, the United States is seeking to diversify supplies and secure supply chains by reaching agreements with partners. Estonia has some of Europe’s largest rare earth element production and processing capacities, although talks with the United States are currently at an early stage.
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A similar agreement with Lithuania
Poland, the United Kingdom and Japan are already involved in the US initiative. On Thursday, Lithuanian Foreign Minister Kęstutis Budrys, who visited Washington, signed an agreement with the United States on cooperation in this field.
US Secretary of State Marco Rubio called the security of rare earth element supply and processing the foundation of the 21st-century economy and an important component for the economy and defense. The Lithuanian side discussed the agreement with local companies, which believe it could facilitate the implementation of several major projects. Over the next six months, Lithuania and the United States are to identify initiatives for further work; funding is expected from both public and private sources.
