The EU Approved Supply Targets For Key Minerals Such As Lithium And Nickel, With Rare Earth, Lithium, Nickel, Cobalt And Silicon Listed As Key Raw Materials

The European Commission recently issued a proposal for the Critical Raw Materials Act to approve domestic supply targets for key minerals such as lithium and nickel to reduce dependence on third countries and ensure that the EU has access to safe, diversified, affordable and sustainable supplies of critical raw materials. In the proposal for the Key Raw Materials Act, the EU has set four targets: at least 10% of the key raw materials to be extracted within the EU, at least 40% of the key raw materials to be processed and recycled in the EU, at least 15% of the raw materials and at any relevant processing stage, the annual consumption of each strategic raw material from a single third country does not exceed 65% of the annual EU consumption. The EU also highlighted five key raw materials in the explanatory document: rare earths, lithium, nickel, cobalt and silicon. It is reported that the proposal still needs the approval of the 27 EU member states and the European Parliament, due to the long time, or will affect the realization of the plan.