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needs international partners for critical minerals diversification","eu-needs-international-partners-for-critical-minerals-diversification","article/eu-needs-international-partners-for-critical-minerals-diversification",{"_uid":557,"date":558,"tags":559,"editor":563,"content":573,"excerpt":802,"featured":51,"reporter":803,"_editable":807,"component":808,"seo_title":553,"categories":809,"visibility":836,"author_company":49,"featured_image":837,"seo_description":802,"author_full_name":49,"author_job_title":49,"formattedDate":841,"formattedArticleDate":842},"7d5e6d60-5fa6-47b5-99ea-402e9e1d7e9c","2024-05-27 00:00",[560],{"slug":561,"name":562},"european-union","European Union",[564],{"slug":565,"name":566,"content":567},"didi-bostock","Didi Bostock",{"job_title":568,"image":569,"bio":571,"linkedin":572},"Editor - Energy Transition & Economics",{"filename":570},"https://a.storyblok.com/f/287943243085208/512x512/2c5ca5c1a3/didi-bostock.jpeg","Didi is the Energy Transition & Economics Editor at Benchmark, covering a broad range of markets across the energy transition. His remit spans from downstream sectors such as BESS and EVs, through to midstream such as new technologies and battery production, to upstream critical minerals mining. He also leads on financial analysis across these supply chains, alongside in-depth policy analysis.\n","https://www.linkedin.com/in/didi-bostock-656342198/",{"type":574,"content":575},"doc",[576,583,588,603,616,625,630,635,640,645,650,657,662,667,672,677,682,687,700,711,716,721,726,731,744,749,754,759,764,777,782,787,792,797],{"type":577,"attrs":578,"content":579},"paragraph",{"textAlign":49},[580],{"text":581,"type":582},"The EU will rely heavily on international partners to meet critical minerals diversification targets under its Critical Raw Materials Act (CRMA), which entered into force on 23 May 2024.","text",{"type":577,"attrs":584,"content":585},{"textAlign":49},[586],{"text":587,"type":582},"According to the CRMA, the EU should source no more than 65% of its annual consumption of each strategic raw material from any single non-EU country, including China, by 2030.",{"type":577,"attrs":589,"content":590},{"textAlign":49},[591,593,601],{"text":592,"type":582},"Boosting domestic mining should support this. However, this will be insufficient without ",{"text":594,"type":582,"marks":595},"increasing international supply",[596],{"type":597,"attrs":598},"link",{"href":599,"uuid":49,"anchor":49,"target":49,"linktype":600},"https://source.benchmarkminerals.com/article/australian-eu-and-canadian-representatives-urge-critical-minerals-cooperation","url",{"text":602,"type":582}," too.",{"type":577,"attrs":604,"content":605},{"textAlign":49},[606,608,614],{"text":607,"type":582},"“Besides onshoring and critical mineral supply localisation, the CRMA aims to derisk and reduce the EU’s import reliance on China through supply diversification and cooperation with ",{"text":609,"type":582,"marks":610},"mineral-rich third countries",[611],{"type":597,"attrs":612},{"href":613,"uuid":49,"anchor":49,"target":49,"linktype":600},"https://source.benchmarkminerals.com/article/can-africa-fill-the-eus-critical-mineral-deficit",{"text":615,"type":582},",” commented Bryan Bille, principal policy analyst at Benchmark.",{"type":577,"attrs":617,"content":618},{"textAlign":49},[619],{"type":620,"attrs":621},"image",{"id":49,"alt":622,"src":623,"title":49,"source":49,"copyright":49,"meta_data":624},"","https://lh7-us.googleusercontent.com/mz3pDfZnb0ON6w5JdNMqFSUGZaTLsVkirVNplGiFI5_IrJui_3wKyau8eR3FfkhQc17iLlaEHAEVUYfb5pf1J9J6Gu0SUg9UYHIiSJn-SxdldgCdT0SrbbYuPCpYWkcc_JkO7RCEDBTEmJJUz0Z22Bw",{},{"type":577,"attrs":626,"content":627},{"textAlign":49},[628],{"text":629,"type":582},"The EU has laid the basis for diversifying its international supply through its Strategic Partnerships and Global Gateway Initiative. ",{"type":577,"attrs":631,"content":632},{"textAlign":49},[633],{"text":634,"type":582},"Strategic partnerships are non-binding agreements with critical minerals-producing nations designed to encourage project investment and integrate their supply chains with those of the EU. ",{"type":577,"attrs":636,"content":637},{"textAlign":49},[638],{"text":639,"type":582},"The 2021 Global Gateway Initiative is the EU’s global infrastructure development program, a response to China’s Belt and Road Initiative that aims to drive funding into overseas projects, including those related to battery critical minerals. ",{"type":577,"attrs":641,"content":642},{"textAlign":49},[643],{"text":644,"type":582},"Existing instruments like free trade agreements (FTAs) with mineral-rich countries such as Chile are also expected to support diversification and overseas investments.",{"type":577,"attrs":646,"content":647},{"textAlign":49},[648],{"text":649,"type":582},"It remains to be seen whether and how these schemes will work in practice. One challenge will be aligning EU critical minerals supply security goals with partner countries’ goals to attract investment into value-added industries, such as processing.",{"type":651,"attrs":652,"content":654},"heading",{"level":653,"textAlign":49},4,[655],{"text":656,"type":582},"12 partners and counting",{"type":577,"attrs":658,"content":659},{"textAlign":49},[660],{"text":661,"type":582},"So far, the EU has concluded 12 strategic partnerships, with one more under negotiation with Australia. In addition, the EU is negotiating FTAs with Australia and Indonesia.",{"type":577,"attrs":663,"content":664},{"textAlign":49},[665],{"text":666,"type":582},"Some partners are major critical minerals producers already, such as the Democratic Republic of Congo (DRC) for cobalt or Chile for lithium. Others are not yet significant producers but possess major deposits, such as Ukraine and Kazakhstan for lithium.",{"type":577,"attrs":668,"content":669},{"textAlign":49},[670],{"text":671,"type":582},"These soft power instruments aim to derisk and support public-private cooperation to attract European investments in partner countries’ high-risk raw material projects. ",{"type":577,"attrs":673,"content":674},{"textAlign":49},[675],{"text":676,"type":582},"The hope is that this will lead to supply offtakes between European companies and overseas assets, helping to achieve the 65% supply diversification target. ",{"type":577,"attrs":678,"content":679},{"textAlign":49},[680],{"text":681,"type":582},"To support offtake agreements, the EU Commission plans to develop a system aimed at reducing price uncertainty for buyers and project developers dealing in potentially volatile commodities.",{"type":651,"attrs":683,"content":684},{"level":653,"textAlign":49},[685],{"text":686,"type":582},"Australian agreement key to lithium stocks",{"type":577,"attrs":688,"content":689},{"textAlign":49},[690,692,698],{"text":691,"type":582},"The EU is now trying to secure a free trade agreement and strategic partnership with Australia, a major critical minerals ore producer set to contribute 34% of global lithium supply this year, according to ",{"text":693,"type":582,"marks":694},"Benchmark’s Lithium Forecast",[695],{"type":597,"attrs":696},{"href":697,"uuid":49,"anchor":49,"target":49,"linktype":600},"https://www.benchmarkminerals.com/forecasts/lithium/reports/",{"text":699,"type":582},".",{"type":577,"attrs":701,"content":702},{"textAlign":49},[703,705,709],{"text":704,"type":582},"Deals with Australia would be a windfall for EU supply security, given the bloc is only on track to produce 9% of its lithium needs in 2030, data from ",{"text":693,"type":582,"marks":706},[707],{"type":597,"attrs":708},{"href":697,"uuid":49,"anchor":49,"target":49,"linktype":600},{"text":710,"type":582}," shows. ",{"type":577,"attrs":712,"content":713},{"textAlign":49},[714],{"text":715,"type":582},"Australia is also a longstanding geopolitical ally with low political risk, meaning any critical minerals partnership would prompt easy investment flows. ",{"type":577,"attrs":717,"content":718},{"textAlign":49},[719],{"text":720,"type":582},"The country is also a major critical minerals ore producer with low political risk and a good ESG track record, meeting the EU CRMA’s criteria for sustainable supply. ",{"type":651,"attrs":722,"content":723},{"level":653,"textAlign":49},[724],{"text":725,"type":582},"DRC’s derisking challenge ",{"type":577,"attrs":727,"content":728},{"textAlign":49},[729],{"text":730,"type":582},"Derisking is an important part of the EU’s strategic partnerships since many European investors have been hesitant to invest in some countries on the list due to geopolitical and ESG risks.",{"type":577,"attrs":732,"content":733},{"textAlign":49},[734,736,742],{"text":735,"type":582},"The DRC, set to produce 76% of the world’s cobalt this year according to ",{"text":737,"type":582,"marks":738},"Benchmark’s Cobalt Forecast",[739],{"type":597,"attrs":740},{"href":741,"uuid":49,"anchor":49,"target":49,"linktype":600},"https://www.benchmarkminerals.com/forecasts/cobalt/reports/",{"text":743,"type":582},", exemplifies the challenge and importance of de-risking. ",{"type":577,"attrs":745,"content":746},{"textAlign":49},[747],{"text":748,"type":582},"Cobalt is the critical mineral in which the EU is set to have the biggest shortfalls, with the bloc expected to produce just 2% of regional demand in 2030. ",{"type":577,"attrs":750,"content":751},{"textAlign":49},[752],{"text":753,"type":582},"Yet clashes between rebels and government forces have intensified in the east of the country, the most recent flare-up in a three-decades-long civil and regional conflict that has further fed concerns around the DRC’s business environment and ESG track record. ",{"type":577,"attrs":755,"content":756},{"textAlign":49},[757],{"text":758,"type":582},"Implementing the DRC-EU partnership is facing diplomatic challenges as the EU has also recently concluded a strategic partnership with Rwanda, which, according to the UN, is backing rebels in Eastern Congo. ",{"type":651,"attrs":760,"content":761},{"level":653,"textAlign":49},[762],{"text":763,"type":582},"Value addition and the problem of goal alignment",{"type":577,"attrs":765,"content":766},{"textAlign":49},[767,769,775],{"text":768,"type":582},"Also at issue is how to align the EU’s goal of supply diversification with the DRC’s goal of value addition and battery industrialisation, aiming to start with processing and the ",{"text":770,"type":582,"marks":771},"manufacturing of precursors for NCM batteries",[772],{"type":597,"attrs":773},{"href":774,"uuid":49,"anchor":49,"target":49,"linktype":600},"https://source.benchmarkminerals.com/article/what-does-drcs-election-mean-for-copper-and-cobalt-supply",{"text":776,"type":582},", as ‘local value addition’ is often defined too vaguely. ",{"type":577,"attrs":778,"content":779},{"textAlign":49},[780],{"text":781,"type":582},"The Global Gateway project is supposedly addressing concerns around value addition, aiming to compete with China’s Belt and Road Project on overseas infrastructure and mining investments. ",{"type":577,"attrs":783,"content":784},{"textAlign":49},[785],{"text":786,"type":582},"The project’s relevance for the battery supply chain is that it will act as the central funding tool for critical minerals-related projects set up under CRM strategic partnerships. ",{"type":577,"attrs":788,"content":789},{"textAlign":49},[790],{"text":791,"type":582},"The broader purpose of the Global Gateway Project is to cultivate a presence in mineral-rich regions that will enable the EU to balance Chinese influence overseas.",{"type":577,"attrs":793,"content":794},{"textAlign":49},[795],{"text":796,"type":582},"Its flagship project, co-supported with the US, is the upgrade of the Lobito Corridor in the central African Copperbelt, just one of 12 African strategic corridors the EU plans to become involved in. ",{"type":577,"attrs":798,"content":799},{"textAlign":49},[800],{"text":801,"type":582},"Still, critics say the Global Gateway needs more resources and clearer action plans to compete with China’s proven record of investing in higher-value industrial development throughout Africa and Latin America.","The EU will rely heavily on international partners to meet critical minerals diversification targets under its Critical Raw Materials Act (CRMA), which entered into force on 23 May 2024. According to the CRMA, the EU should source no more than 65% of its annual consumption of each strategic raw material from any single non-EU country, […]",[804],{"slug":565,"name":566,"content":805},{"job_title":568,"image":806,"bio":571,"linkedin":572},{"filename":570},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"7d5e6d60-5fa6-47b5-99ea-402e9e1d7e9c\", \"id\": \"\"}-->","article",[810,812,814,817,820,823,826,828,831,833],{"slug":811,"name":299},"cathode",{"slug":813,"name":115},"cobalt",{"slug":815,"name":816},"copper","Copper",{"slug":818,"name":819},"critical-minerals","Critical Minerals",{"slug":821,"name":822},"geopolitics","Geopolitics",{"slug":824,"name":825},"graphite","Graphite",{"slug":827,"name":8},"lithium",{"slug":829,"name":830},"manganese","Manganese",{"slug":832,"name":150},"nickel",{"slug":834,"name":835},"phosphate","Phosphate","private",{"id":49,"alt":622,"name":622,"focus":622,"title":622,"source":622,"filename":838,"copyright":622,"fieldtype":839,"meta_data":840,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/d71e6d8f78/bm-eu-flags.jpg","asset",{"alt":622,"title":622,"source":622,"copyright":622},"May 27, 2024","27th May 2024",[],[],1792773901128]