Russia, is the second top exporter of rare earth minerals in the world. Russia’s mining industry, which is the country’s second largest after oil and gas, accounts for a significant share of its GDP and exports.

It has abundant deposits of oil, natural gas, timber and valuable minerals, such as copper, diamonds, lead, zinc, bauxite, nickel, tin, mercury, gold and silver. Most of those resources are located in Siberia and the Far East. 

The Russian Federation is among the top three producers of mineral commodities such as platinum, gold and iron ore. It is also the world’s largest producer of diamonds and palladium.

The timber industry, which is worth about $20 billion annually, is also a significant economic contributor to the Russian economy. The country’s fishing industry is the 4th largest in the world.

The value of Russia’s resources is huge and, according to statistics, is estimated at $75 trillion. In comparison, the US natural resources are worth approximately $45 trillion while China’s stand at $23 trillion.

The global leader in diamond mining, Russia’s Alrosa, accounts for almost a third of the world’s rough-diamond production. The main production facilities are currently concentrated mainly in Western Yakutia and the Arkhangelsk region.

In total, Alrosa is developing around 30 fields. In November, it opened a huge new diamond deposit in Yakutia which was launched by Russian President Vladimir Putin. / ABC Flash Point Mineral News 2019.

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