Momentum appears to be building around the development of a platform for the consolidated procurement of critical raw materials for European industries. According to an exclusive report by Reuters, consulting firm PriceWaterhouseCoopers and a Slovak software company have been commissioned to establish the system. The platform is set to include not only materials like rare earths and lithium but also hydrogen and other energy products. Reuters also reported in October that a total of eight companies participated in the EU’s tender process.
The creation of a joint procurement system was proposed under the Critical Raw Materials Act (CRMA). This EU legislation, aimed at securing critical raw material supplies, came into force in May 2024. The initiative takes inspiration from the gas procurement platform launched in spring 2023 to mitigate the impact of the Ukraine war on the energy market.
However, skepticism has emerged from the mining industry since the CRMA’s adoption. Critics argue that the procurement requirements of individual companies are too diverse to accommodate a unified approach. Benedikt Sobotka, then CEO of Eurasian Resources Group, voiced these concerns in an interview with the Financial Times (paywall).
