EU Announces 13 Strategic Projects to Boost Raw Material Supplies

The European Commission has taken a significant step forward by announcing 13 new raw material projects outside Europe. This initiative aims to boost the EU's supply of crucial metals and minerals, vital for maintaining competitive edge in energy transition, defense, and aerospace sectors.

The decision comes in response to China's April decision to impose export curbs on rare earth magnets, spurring European diplomats and industry leaders into action. With China holding over 90% of the global processing capacity for these magnets, the EU is determined to diversify its sources.

Among the projects, two rare earth initiatives are set in Malawi and South Africa, with others spread across Britain, Canada, and more. The EU anticipates these projects will require 5.5 billion euros in investment and is providing coordinated financial support to ensure their success.

(With inputs from agencies.)