EU strengthens rare earths strategy - 3 billion euros to reduce dependence on China
The European Union executive announced new policies aimed at coordinating the purchase and stockpiling of raw materials, such as rare earth minerals, that are essential for the automotive, electronics and defense industries.
The European Commission also said it would use stronger economic policies with trading partners to better secure the supply of rare metals. “The EU will also be more strategic in using its economic weight and access to the single market,” the Commission stressed.
Existing measures that the Commission plans to use to strengthen economic security could include tariffs against selling below market price, measures against the acquisition of European companies by other countries, or the exclusion of foreign firms from public contracts.
China, the world's top supplier of rare earth minerals, responsible for more than two-thirds of production through 2023, announced new controls on exports in October. That rattled markets and disrupted supply chains, until Beijing later announced a one-year suspension of the measures. The country also imposed stricter export licenses for some materials in April.
The European-Chinese dispute over chipmaker Nexperia also worried German industry, as it affected the country's key automotive sector.
The European Commission said the strategic fund of almost €3 billion will also help finance strategic projects in the mining, refining and recycling of essential minerals and metals, both within Europe and in partner countries.
The fund is not linked to money spent by individual member states, with Germany having allocated 1 billion euros for rare earths projects between 2024 and 2028.
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