Bernd Schäfer, CEO of EIT Raw Materials, advocates for substantial investment in Europe’s mining sector following the implementation of the Critical Raw Materials Act (CRMA). The CRMA mandates target quotas for domestic extraction of essential raw materials by 2030, yet lacks dedicated funding for mining initiatives. Schäfer stresses the need for a well-funded fund to support the extraction of critical minerals crucial for Europe’s economy.
“The fund must be generously financed; billions are at stake, not just a few million euros,” Schäfer emphasized, as reported by Reuters.
The high cost of constructing new mines, which can range from one million to one billion US dollars during the development phase alone, underscores the financial challenge. Additionally, the mining industry faces a shortage of skilled labor, a common issue across various sectors, as highlighted by recent studies.
In summary, while Europe aims for partial self-sufficiency in critical raw materials, significant investment is essential to meet regulatory targets and operational needs in the mining sector.
