Europe's "powerful" countries reach agreement on critical minerals - Aiming for greater autonomy for raw materials in the face of China
Italy, France and Germany have joined forces in the initiative to collect mineral resources under the EU act for these critical materials, with the aim of greater autonomy vis-à-vis China, said sources close to the matter.
Europe has adopted this plan to reduce its dependence on China for key raw materials, including a common reserve and restrictions on the export of scrap metal and rare earth metal waste.
China is the world's largest producer of industrial metals and minerals. Its export controls since 2023 on a range of metals, including rare earths, have created a blockade in supply chains for foreign producers.
Since Europe lacks mineral and metal refining capacities, strategic reserves are seen as one of the few tools available to protect its economy from Chinese export restrictions.
EU cabinet sources said the countries would contribute to the smooth construction of critical mineral reserves. France will work to finance the purchases, Germany will handle the supply and Italy will take over the storage. Italy and Germany have united to secure the supply chains of raw materials, which are vital to their industries.
European Commission President Ursula von der Leyen announced that the EU will partner on raw materials with countries such as Australia, Canada, Chile, Greenland, Kazakhstan, Uzbekistan and Ukraine.
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