Fri. Oct 30th, 2020
EU seeks reduced reliance on others for RE minerals

Worried by an increasing dependency on the raw materials used to make smartphones, televisions and energy-saving lights, the EU on Thursday launched a new strategy to secure access to rare earth (RE) minerals and to reduce reliance on suppliers such as Chile, China and South Africa.

The EU is predicted to need about 60 times more lithium and 15 times more cobalt for electric vehicle batteries and energy storage by 2050. Its demand for rare earth materials in permanent magnets used in several technologies could increase 10-fold over the same period.

The COVID-19 pandemic is highlighting the world’s increasing reliance on electronics and technology for remote work, education and communication, and the 27-nation EU enters a widening race to secure supplies for its communications, health, defense and space sectors along with the US, China and Japan.

“We have to drastically change our approach,” European Commission Vice President Maros Sefcovic said. “We are largely dependent on unsustainable raw materials from countries with much lower environmental and social standards, less freedoms, [and] poor, unsustainable economies.”

The EU gets about 98 percent of its rare earth minerals from China. Turkey supplies 98 percent of its borate, while Chile meets 78 percent of Europe’s lithium needs. South Africa provides 71 percent of its platinum.

The European Commission has said that the EU’s mining potential is underused.

“We need to diversify supply and make better use of the resources within the European Union, where we would apply the highest environmental and social standards to that effect,” Sefcovic told reporters in Brussels.

The strategy aims to set up a European raw materials alliance with industry, investors, the European Investment Bank, EU member countries and others to help secure raw mineral supply chains.

The commission wants to start a partnership with Canada and interested African countries starting next year.

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