The European Union has launched a platform for the procurement of critical minerals, part of the REsourceEU strategy. The objective is to reduce dependence on China.

The European Union launched on Monday the component dedicated to critical minerals of its energy and raw materials procurement platform, a tool designed to give more power to European buyers and reduce dependence on China. This platform is part of the REsourceEU strategy, announced in December, which aims to develop European supply chains for strategic minerals necessary for the energy transition and defense applications, considering that China controls up to 90% of global production in this sector. The platform has begun to receive requests from buyers, marking the first stage of a process that will unfold over several months. It will connect buyers with suppliers, but the negotiation of transactions will remain the responsibility of the parties involved. The first round of connections focused on rare earths and raw materials for batteries, and the results will be announced in September. The project, developed by PricewaterhouseCoopers, is estimated at 9 million euros. The REsourceEU strategy aims to implement the Critical Raw Materials Act, adopted in 2023, with the goal of reducing dependence on a single supplier to a maximum of 65% of total needs. The EU also aims that by 2030, 10% of critical minerals will be extracted domestically, 25% will come from recycling, and 40% will be processed in Europe.