Critical EU raw material passage

The institutions of the European Union (EU) agreed on the draft law prepared to reduce foreign dependence on critical raw materials needed by the industry.

The EU Council announced that an agreement was reached on the Critical Raw Materials Law negotiated between member states and the European Parliament (EP).

Under the agreement, EU countries will supply critical raw materials in a sustainable way.

A total of 34 products will be on the list of critical raw materials.

Additionally, 17 products on this list will be classified as strategic critical raw materials.

9 OF THEM WERE DETERMINED AS STRATEGIC RAW MATERIALS

The list of critical strategic raw materials will include minerals used in technologies important for Europe’s green and digital goals and the space and defense sectors. Critical strategic raw materials include aluminum, boron, cobalt, copper, gallium, lithium, magnesium, titanium and nickel.

The EU will extract at least 10 percent of annual consumption of these raw materials, process at least 40 percent and recycle at least 25 percent.

In addition, the EU will take steps to diversify its supply to ensure that no more than 65 percent of consumption of any strategic raw materials comes from a single foreign country.

Large companies will also be required to conduct regular risk assessments of their supply chains for critical raw materials. (AA)