European countries urged to continue investing in mining

Europe is at risk of losing important sources of raw materials, because it is phasing out mining rather than investing in more mines, Federation of German Industries executive board member Wolfgang Niedermark told delegates at the MiningForum, in Berlin, Germany, on June 6.

He stated that there was growing demand globally for raw materials such as lithium, nickel and cobalt, as well as structural supply deficits for most of the critical metals needed by the world for the green energy transition.

Niedermark stressed that Europe was highly dependent on other regions for the raw materials it needed, which meant it was also faced with higher costs when sourcing those materials.

“Our dependence on many mineral raw materials from China is already greater than it was for crude oil and natural gas from Russia,” he pointed out, adding that it was important for Europe to diversify where it sourced its materials from so that one country did not hold all the power in terms of supplying the global market.

“We must protect ourselves from being blackmailed. And we must regain more control over the material that forms the basis of our economy and [the functioning] of our societies. We must act ourselves, otherwise we will be acted upon,” Niedermark said.

He added diversification plans should include diversification of imports, but also of domestic mining and further processing of raw materials in Europe. A strategy for establishing a circular economy to recycle and reuse those materials was also needed.