EU Backs 46 Strategic Projects to Secure Critical Minerals

European Commission Industry Commissioner Stéphane Séjourné announced EU backing for 46 new strategic projects designed to accelerate the supply of critical raw materials by 2030. The initiative, valued at €21bn, targets the procurement of lithium, gallium, and rare earths essential for the automotive, defense, and renewable energy sectors.

These projects receive flagship status under the Critical Raw Materials Act of 2024. Rather than providing direct funding, this status offers accelerated permitting and assistance in mobilizing capital. Examples of operational sites include the Carester rare earths plant in France, a gallium plant in Greece, and the Keliber lithium extraction plant in Finland. The European Investment Bank has already provided €150m to the Keliber plant and €660m for eight other projects.

The move aims to reduce the bloc's dependency on China amid growing trade tensions. While Séjourné warned that the EU could face a crisis in the coming months, Trade Commissioner Maroš Šefčovič conducted simultaneous talks in Beijing to address China's £1bn-a-day trade surplus with the EU. Despite the announcement, some industry leaders argue the scheme is insufficient to meet the 2030 targets for mining, processing, and recycling.