EU draws up framework for critical mining projects

The EU has approved a plan for the supply of critical minerals for its green energy and digital transitions, Reuters reported on Monday.

The Critical Raw Materials Act (CRMA) identifies 34 critical resources with 17 designated as strategic such as aluminium, copper, nickel, lithium and rare earth elements.

Under the legislation’s targets, the bloc will mine at least 10% of its annual requirements by 2030, recycle 25% and process 40% of its demand.

The CRMA also stipulates that no more than 65% of the EU’s needs come from a single third market.

Under the new ruling, waiting times for permits have been set at a maximum of 15 months for processing and recycling projects and 27 months for mining projects.

EU countries are now expected to develop national programmes for mining exploration.

The CRMA is expected to come into force in early 2024.

China currently processes 90% of the global supply of rare earth minerals and 60% of the global supply of lithium.

The Asian nation recently placed restrictions on exports of gallium, germanium and graphite, which are on the new act’s list.

The CRMA was proposed alongside the EU’s Net Zero Industry Act, which sets a target of locally producing 40% of the EU’s annual demand for renewables, battery storage and fuel cells and developing carbon storage capacity of 50 million tonnes per year by 2030.