Regional focus
The EU is set to mine at least 10% of the lithium and similar materials it uses by 2030, as part of the European Commission’s planned Critical Raw Materials Act (CRMA). Martin Morris hears from Emanuel Proença, CEO of Savannah Resources, and Alex Gorman, mining analyst at Peel Hunt, to learn why the success of newly opened lithium mines in Portugal will prove critical in delivering on the CRMA’s targets across Europe.
iven its objective of hitting net zero by 2050, Europe finds itself at the proverbial crossroads. Possessing fewer mineral resources than other continents, the need to double down when codifying the strategic importance of metals such as lithium has never been greater. Against this backdrop, the European Commission’s planned Critical Raw Materials Act (CRMA) is aimed at “significantly improving the refining, processing and recycling of critical raw materials” in Europe. The act – first announced in March 2023 – has four key pillars: benchmarks for domestic capacities along the strategic raw material supply chain; new measures to strengthen critical raw material capacities along the entire value chain, including
In on the act G
recycling; actions to improve EU preparedness and mitigate supply risks; and a common governing structure to advise and coordinate the implementation of measures and relations with third countries.
Support for legislation
Putting some numbers on this means that at least 10% of EU annual consumption must come from extraction inside the EU. The act also aims to ensure that no third country should provide more than 65% of any strategic raw material. Yet, as Emanuel Proença, CEO of Savannah Resources – and a growing player in Portugal’s mining space via its Barroso Lithium Project (BLP) – is quick to point out,
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