Greenland tapped for new minerals project as US shows interest
The European Union has announced that Greenland will be included among the countries selected for 13 new raw material projects aimed at strengthening the EU’s supply of critical metals and minerals.
The initiative, which includes nations outside the bloc, aims to ensure the EU remains competitive in key sectors such as energy transition, defence, and aerospace, News.Az reports citing The Independent.
The announcement follows China's decision in April to impose export restrictions on rare earth magnets, requiring new licenses for export. This move has prompted European diplomats, car manufacturers, and other businesses to urgently seek meetings with Beijing officials to avoid potential factory closures.
European Commissioner for industry, Stephane Sejourne, stated, "We must reduce our dependencies on all countries, particularly on a number of countries like China... The export bans increase our will to diversify."
China currently controls more than 90 per cent of the global processing capacity for these magnets, which are essential components in a wide range of products from vehicles and fighter jets to household appliances.
Additionally, China is the primary supplier of many key components for renewable energy technologies, including rare earth minerals, batteries, and solar panels. Brussels is eager to change this dynamic to secure its supply chains.
The EU list is part of the implementation of the Critical Raw Material Act agreed in 2023 under which the bloc aims to mine 10 per cent, process 40 per cent and recycle 25 per cent of its needs by 2030.
Similar news
