New ‘oil’ found in Kazakhstan: rare earth deposits could transform global markets

Kazakhstan’s Ministry of Industry and Construction has discovered more than 100 rare metal deposits, including tungsten, molybdenum and lithium, according to a report from Khabar24, a Kazakhstani TV channel. Demand for lithium and other rare metals is expected to double in the coming years, making them increasingly valuable and strategically important.

«The day when rare metals overtake oil is near. Experts predict that global demand for lithium will double in the next two to three years, while cobalt prices are forecasted to rise by 70%. This growing appetite for these critical minerals has led many to dub them the ‘new oil’ of the 21st century,» the report stated.

As part of President Kassym-Jomart Tokayev’s directives, Kazakhstan plans to complete the exploration of over two million square kilometers of its terrain by 2026. The country already produces 19 of the 34 most critical metals for the world economy, including lithium, which is in high demand for battery production, and other rare-earth elements used in high-tech industries.

To date, more than two million tons of tungsten, one million tons of molybdenum and 227,000 tons of lithium have been explored. Large reserves of metals such as tantalum, niobium and beryllium have also been found.

Prices for some rare metals, such as osmium-187 and californium, start at $10,000 per gram, with californium reaching as much as $4 million per gram in public markets.

In April, Kanat Sharlapaev, minister of industry and construction, announced the discovery of mineral reserves worth over $1 billion near single-industry towns, following exploration conducted between 2020 and 2022.