Rosneft has become the sole owner of Vostok Engineering LLC, which holds the license to develop the Buranny block of the Tomtor deposit in Yakutia.
Previously, the project was controlled by TriArk Mining, part of Alexander Nesis' IST Group. According to the Unified State Register of Legal Entities, since May 20, 2025, the rights to develop the strategic site have been fully transferred to the oil giant.
The Tomtor deposit, for which a license was issued back in 2013, has not yet been put into commercial operation. In November 2024, President Vladimir Putin, at a meeting with First Deputy Prime Minister Denis Manturov, identified the problem: business structures that gained access to the deposit did not invest in its development. The head of state emphasized that rare earth metals are a strategic resource and called for either intensifying work or transferring the project to other players. Manturov assured that the issue would be resolved. In February 2025, at a video conference, Putin called rare earth metals "the most important resource base of the modern economy."
Tomtor, discovered in the 1970s, is considered one of the world's largest sources of niobium and rare earth elements. The deposit's ores contain a record 6.7% niobium and 12.5% rare earth metal oxides. However, its development is complicated by its remoteness: the site is located 400 km from the Laptev Sea and the Lena River, where there is no transport or energy infrastructure.
Rare earth metals are critically needed for high-tech industries: from electronics and medical equipment to the defense industry and "green" energy. Control over Tomtor strengthens Russia's position in the global market, where China dominates. However, success depends on solving infrastructure problems and attracting investment. The development of the Arctic cluster could become a driver for the region but requires a balance between economic benefits and environmental risks.
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