EU plans to invest 1.7 billion euros to build local rare earth supply

According to several foreign media reports, the European Union (EU) is promoting the European continent to build its own rare earth supply.

On September 30, the European Union for raw materials (Erma), convened by the EU, issued a plan calling on the government and manufacturing enterprises to support rare earth mining and processing through subsidies and quota systems.

Erma identified 14 European rare earth projects, including mining and magnet production and recovery, which require a total investment of about 1.7 billion euros.

The alliance said that providing a hand to this emerging industry is very important to reduce China's dependence on rare earth products. China's rare earth prices are relatively low, and its environmental and labor standards are lower. At present, 90% of the world's rare earth magnets for traction come from China.

The report said that in addition to establishing European supply from scratch, the EU should also help establish strategic partnerships with resource rich countries, including the rare earth recycling industry.