The European Union has unveiled the accelerator in its drive to reduce the bloc's import dependency for critical minerals and metals.
Europe may, however, have given itself a competitive edge by moving to streamline project permitting, a tortuous process that often drags on for years before the first shovel hits the ground., with particular focus on battery metals like lithium, nickel, cobalt and manganese and magnet inputs such as boron and rare earths.
It probably won't be. The CRMA includes a provision for periodically updating the list to reflect evolving economic importance and supply risks across the critical metals spectrum. Europe's lithium extraction can in theory meet the 10% target but it hinges on multiple new projects, many of them using innovative technology.
However, Europe has overtaken the United States in one key area, aiming to streamline the permitting of "strategic" projects to ensure a maximum time-line of two years for mines and one year for processing plants. It also recommends the accumulation of strategic metal stocks to buffer against unexpected supply disruptions. Europe has no strategic metal inventory, unlike the United States, China and South Korea.
The CRMA advocates diversifying supply in favour of "reliable partners" and creating "mutually beneficial partnerships with emerging market and developing economies".What started as a response to China's dominance of critical metals supply has been accelerated by Russia's invasion of Ukraine.
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