The initiative by New Delhi and Moscow aims to develop technologies for making rare-earth magnets.

India and Russia are collaborating to develop technologies for making rare-earth magnets, which are key for industries ranging from electric vehicles to renewable energy.

Last week, JSC Giredmet, a unit of Rosatom’s scientific division, signed a memorandum of understanding with India’s Nexon Geochem Pvt Ltd, for research and development of technologies for processing raw materials of rare-earth magnets.

JSC Giredmet also signed a letter of intent with Technology Innovation in Exploration & Mining Foundation (TEXMiN) for research and development of technologies for producing permanent magnets.

Rare-earth magnets are described as the unseen foundation of the green economy, being key components in computer hard drives, wind turbines, electric motors, biomedical devices, and other industrial applications.

Global interest in rare-earth minerals has been rising amid growing trade tensions between Washington and…