How is Europe progressing on its CRMA targets?

The European Union still requires significant investment in critical mineral projects if it is to meet the non-binding targets set out in its Critical Raw Materials Act (CRMA) which came into force in May 2024. The Act set targets for 10% of the bloc’s critical mineral demand to be met by domestic mining, 40% by domestic processing, and 25% by recycling. Further, no more than 65% of demand for one critical mineral should be met by a single country. Benchmark analysis shows that with the exception of lithium and nickel extraction, the bloc is forecast to miss the targets for battery metals across mining, processing and recycling.