EU's Strategic Push: 13 New Raw Material Projects to Counter China's Grip

The European Commission has unveiled 13 new raw material projects located outside the EU to secure essential metals and minerals for energy transition. These efforts aim to counter China's dominant rare earth magnet export restrictions. The initiative involves major investments and international cooperation.

The European Commission has initiated 13 new raw material projects outside its borders, aiming to ensure a steady supply of crucial metals and minerals necessary for the energy transition, defense, and aerospace sectors.

This announcement comes in response to China's decision earlier this year to impose export restrictions on rare earth magnets, a vital component in numerous technologies. With China's control of over 90% of the global processing capacity, Europe's industries are under pressure to find alternative sources to prevent potential production disruptions.

The projects, spanning multiple countries, focus on key materials such as lithium, cobalt, and graphite. These efforts fall under the broader Critical Raw Material Act, reflecting the EU's strategic ambition to increase self-sufficiency in raw materials by 2030. The anticipated capital investment for these initiatives totals 5.5 billion euros.

(With inputs from agencies.)