EU ‘pulling out all stops’ with minerals projects as it tries to avert China trade war
Summary
The European Union is speeding up projects to secure minerals like lithium and rare earths to reduce reliance on China amid fears of a potential trade crisis. The EU supports 46 strategic projects worth €21 billion to boost local supply chains by 2030 and is in talks with China to reduce trade imbalances.Key Facts
- The EU announced 46 new projects to speed up supplies of important raw materials by 2030.
- These materials include lithium, gallium, and rare earths used for cars, defense, and renewable energy.
- The total cost of these projects is €21 billion (£17.8 billion).
- EU officials warn of a possible trade crisis with China in the coming months.
- One key project is a rare earths plant in France that could produce 15% of global demand for certain minerals.
- Other important plants are operational in Greece (gallium) and Finland (lithium).
- The projects benefit from faster permit approvals and help to find funding but do not receive direct EU money.
- The EU aims to cut dependence on China for raw materials by mining, processing, and recycling more within Europe.
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