Europe is to be partially self-sufficient in critical raw materials, but this requires extensive investment.
With the Critical Raw Materials Act (CRMA), the EU anchored the securing of supplies of important raw materials in a separate law this year. Among other things, target quotas were introduced for the domestic extraction of a whole range of resources, which are to be achieved from 2030. The CRMA did not provide any dedicated funding for mining. Against this backdrop, Bernd Schäfer, CEO of EIT Raw Materials, a consortium that networks industry and research, is calling for a dedicated fund to promote the extraction of minerals with high criticality for the European economy. He is quoted by news agency Reuters as saying that this fund must be generously funded and that billions are at stake.
“This should not be just a couple of million (euros), it should be a billion, it must be a big number.”
Bernd Schäfer, CEO of EIT Raw Materials
The construction of a new mine is expensive; the development phase alone before the start of raw material extraction can cost between one million and one billion US dollars, depending on the deposit, according to a study by the University of Arizona, among others. In addition, the industry, like many others, is also affected by a shortage of skilled workers, according to studies.
You can find out more about the CRMA in our white paper.
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