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Mid-Nickel",103.5,99.73,3.78,13.78,6.78,[518,519,520,522,524,526,528,530,532,534,536,538],{"date":213,"value":512},{"date":216,"value":513},{"date":219,"value":521},99.19,{"date":222,"value":523},96.02,{"date":225,"value":525},98.23,{"date":467,"value":527},99.24,{"date":329,"value":529},101.29,{"date":339,"value":531},87.61,{"date":341,"value":533},92.44,{"date":344,"value":535},90.96,{"date":347,"value":537},92.24,{"date":350,"value":539},95.09,{"id":541,"uuid":542,"name":543,"slug":544,"full_slug":545,"content":546,"relatedArticles":815,"relatedVideos":816},133993933354369,"c1b66b19-6e88-4b60-9edc-f631ba9834c1","Geo-economic and Policy Briefing – December 2025","geo-economic-and-policy-briefing-december-2025","publications/briefings/geo-economic-and-policy-briefings/geo-economic-and-policy-briefing-december-2025",{"_uid":547,"date":548,"live":50,"content":549,"excerpt":557,"component":760,"categories":761,"visibility":812,"publication_frequency":188,"formattedDate":813,"formattedArticleDate":814},"4844e974-6ed7-4ec2-afe4-a1352cd26c43","2026-01-06 00:00",{"type":550,"content":551},"doc",[552,559,571,586,594,613,624,635,660,667,678,689,694,701,706,715,726,733,740,745,750,755],{"type":553,"attrs":554,"content":555},"paragraph",{"textAlign":49},[556],{"text":557,"type":558},"This is your monthly geo-economic and policy briefing, part of your Benchmark Source subscription. Every month, this briefing examines the key geo-economic and policy trends shaping the mine-to-grid supply chains, from critical minerals to electric vehicles (EVs).","text",{"type":560,"attrs":561,"content":563},"heading",{"level":562,"textAlign":49},4,[564,566],{"text":565,"type":558},"1. ",{"text":567,"type":558,"marks":568},"What do the REsourceEU Action Plan and the Battery Booster mean for Europe’s raw material and battery industries",[569],{"type":570},"bold",{"type":553,"attrs":572,"content":573},{"textAlign":49},[574,576,584],{"text":575,"type":558},"The European Commission unveiled the REsourceEU Action Plan and its Automotive Industrial Package, including the Battery Booster and a relaxation of its 2035 zero-emission target, in December 2025. Following an earlier ",{"text":577,"type":558,"marks":578},"analysis of the relaxation of the 2035 target",[579],{"type":580,"attrs":581},"link",{"href":582,"uuid":49,"anchor":49,"target":49,"linktype":583},"https://source.benchmarkminerals.com/article/eu-to-change-its-emission-rules-for-vehicles-through-its-new-automotive-package","url",{"text":585,"type":558},", this Benchmark analysis will discuss the REsourceEU Action Plan and the Battery Booster, and their implications for the raw materials and battery industries.",{"type":560,"attrs":587,"content":589},{"level":588,"textAlign":49},5,[590],{"text":591,"type":558,"marks":592},"Overview of REsourceEU Action Plan",[593],{"type":570},{"type":553,"attrs":595,"content":596},{"textAlign":49},[597,599,603,605,611],{"text":598,"type":558},"The REsourceEU Action Plan pursues broadly similar goals as the EU Critical Raw Materials Act (CRMA), namely increasing European supply chain resilience and reducing supply concentration, especially towards China. In terms of funding, the Action Plan aims to ",{"text":600,"type":558,"marks":601},"mobilise €3 billion within the next 12 months",[602],{"type":570},{"text":604,"type":558}," to support critical raw material (CRM) projects for three priority industries: permanent magnets, batteries, and defence industrial inputs. While this amount appears significant, it remains low relative to what other geopolitical actors, such as the US, have been deploying to CRM projects. For instance, EIT RawMaterials estimates that more than €10 billion is needed to finance the CRM projects to reach the ",{"text":606,"type":558,"marks":607},"CRMA 2030 domestic production targets",[608],{"type":580,"attrs":609},{"href":610,"uuid":49,"anchor":49,"target":49,"linktype":583},"https://source.benchmarkminerals.com/article/eu-strategic-projects-could-help-progress-on-crma-goals",{"text":612,"type":558},".",{"type":553,"attrs":614,"content":615},{"textAlign":49},[616,618,622],{"text":617,"type":558},"The most striking element of the Action Plan is the establishment of a ",{"text":619,"type":558,"marks":620},"European Critical Raw Materials (CRM) Centre",[621],{"type":570},{"text":623,"type":558},", modelled on Japan’s Organisation for Metals and Energy Security (JOGMEC), which will be launched in early 2026. It is designed to act as both a portfolio manager and a coordination and matchmaking hub, coordinating joint purchasing, facilitating stockpiling, providing market intelligence, and steering and financing EU Strategic Projects through a CRM Financing Hub, using a broad range of EU funding mechanisms, including the newly created €1.8 billion Battery Booster (see below).",{"type":553,"attrs":625,"content":626},{"textAlign":49},[627,629,633],{"text":628,"type":558},"The CRM Centre is supposed to build its activities on the EU Raw Materials Platform, which will jointly purchase raw materials and connect industrial buyers and suppliers, financial institutions, and stockpiling providers, with the first matchmaking round planned for March 2026. However, it seems that the European CRM Centre will initially remain a coordination vehicle rather than a market-shaping instrument until a forthcoming legislative package in Q2 2026, which could broaden its powers with more consequential tools. Industry and experts are referring to price stabilisation mechanisms, offtakes, and equity participation as tools necessary to move the dial and significantly de-risk CRM projects across Europe. Notably, a ",{"text":630,"type":558,"marks":631},"price floor mechanism",[632],{"type":570},{"text":634,"type":558}," may be launched to support upstream projects.",{"type":553,"attrs":636,"content":637},{"textAlign":49},[638,640,644,646,652,654,658],{"text":639,"type":558},"Moreover, ",{"text":641,"type":558,"marks":642},"recycling is seen again as a central pillar of supply security",[643],{"type":570},{"text":645,"type":558},". In addition to the funding commitments and the ",{"text":647,"type":558,"marks":648},"classification of battery black mass as hazardous waste",[649],{"type":580,"attrs":650},{"href":651,"uuid":49,"anchor":49,"target":49,"linktype":583},"https://source.benchmarkminerals.com/article/eu-classifies-black-mass-as-hazardous-waste-to-reduce-critical-mineral-leakage",{"text":653,"type":558},", prohibiting exports to non-OECD countries, EU export ",{"text":655,"type":558,"marks":656},"restrictions on permanent magnet scrap and waste (and potentially copper)",[657],{"type":570},{"text":659,"type":558}," will be introduced by Q2 2026. This will involve creating an EU-level subcode within the European Waste Catalogue to identify and track permanent magnets and end-of-life products containing them. This raises questions as to whether these industrial and trade policy measures will be sufficient, given that European-based recyclers have struggled due to high CAPEX and OPEX costs, uncertain offtake, and limited demand-side pull.",{"type":560,"attrs":661,"content":662},{"level":588,"textAlign":49},[663],{"text":664,"type":558,"marks":665},"Overview of the €1.8 billion Battery Booster and forthcoming Industrial Accelerator Act",[666],{"type":570},{"type":553,"attrs":668,"content":669},{"textAlign":49},[670,672,676],{"text":671,"type":558},"The ",{"text":673,"type":558,"marks":674},"Battery Booster Facility",[675],{"type":570},{"text":677,"type":558}," aims to mobilise €1.5 billion from the European Innovation Fund to support European battery cell and component (cathodes, anodes) manufacturers during their ramp-up phase through performance-based, interest-free loans. These will be linked to the achievement of specific milestones until reaching large-scale production levels. Up to €300 million will be used to support battery raw material projects.",{"type":553,"attrs":679,"content":680},{"textAlign":49},[681,683,687],{"text":682,"type":558},"Furthermore, the European Commission aims to stimulate demand for EU-made batteries through EU content requirements applicable to public support for EV and BESS batteries and their components as part of the forthcoming ",{"text":684,"type":558,"marks":685},"Industrial Accelerator Act",[686],{"type":570},{"text":688,"type":558},", announced for 28 January 2026. This is reportedly to be combined with strict rules on the conditions for foreign direct investment, aiming to force technology and know-how sharing, especially targeting Chinese companies.",{"type":553,"attrs":690,"content":691},{"textAlign":49},[692],{"text":693,"type":558},"The European battery industry has broadly welcomed the Battery Booster in principle, as it struggles to compete with Asian producers, with some European projects having been paused or scaled back. However, some argue that €1.8 billion is too modest to close the competitiveness gap and that the Battery Booster lacks US Inflation Reduction Act (IRA)-style production aid, with OPEX support tied directly to output after the ramp-up phase. Actual production support may reportedly be granted under the future European Competitiveness Fund.",{"type":560,"attrs":695,"content":696},{"level":588,"textAlign":49},[697],{"text":698,"type":558,"marks":699},"REsourceEU Action Plan and Battery Booster are a step forward, but effective private–public implementation will be key",[700],{"type":570},{"type":553,"attrs":702,"content":703},{"textAlign":49},[704],{"text":705,"type":558},"In summary, both the REsourceEU Action Plan and the Battery Booster are seen as a step forward, as the European Commission aims to give European CRM policy more teeth through greater centralisation and increased funding allocation, despite limited financial leeway. At the same time, many provisions appear indicative rather than binding, and the adoption of consequential measures and the further development of the CRM Centre remain subject to legislative and political debate. Effective delivery will depend not only on policymakers but also on industry, which needs to be more closely involved in policy implementation and investment decisions.",{"type":560,"attrs":707,"content":708},{"level":562,"textAlign":49},[709,711],{"text":710,"type":558},"2. ",{"text":712,"type":558,"marks":713},"Monthly round-up of the remaining key geopolitical and policy updates",[714],{"type":570},{"type":716,"attrs":717},"blok",{"id":718,"body":719},"7d4716b7-fbb0-4102-8ac6-b0cbe3736180",[720],{"id":721,"_uid":722,"type":723,"component":724,"fixed_height":725,"use_fixed_height":50,"fixed_height_mobile":725,"fixed_height_tablet":725},"27045650","i-baf4bd49-dd97-45a8-89ac-ad5c94a4f75a","visualisation","ContentFlourish","",{"type":560,"attrs":727,"content":728},{"level":562,"textAlign":49},[729],{"text":730,"type":558,"marks":731},"3. Key Macro-economic Indicators",[732],{"type":570},{"type":716,"attrs":734},{"id":718,"body":735},[736],{"id":737,"_uid":738,"type":739,"component":724,"fixed_height":725,"use_fixed_height":50,"fixed_height_mobile":725,"fixed_height_tablet":725},"3493187","i-e56adc1e-a6f4-42e2-82b8-d51ff2a10959","story",{"type":553,"attrs":741,"content":742},{"textAlign":49},[743],{"text":744,"type":558},"The dollar recorded its sharpest annual decline in a decade in 2025, following President Trump’s introduction of a tariff regime that cast doubt on the currency’s long-standing role as a safe haven for investors. Many banks now expect the dollar to continue weakening over the coming year, with both the euro and sterling likely to strengthen. However, significant uncertainty remains, as the new Chair of the Federal Reserve, expected to be announced in the coming months, will likely have a material impact on future currency markets.",{"type":553,"attrs":746,"content":747},{"textAlign":49},[748],{"text":749,"type":558},"Equity markets have experienced a volatile year, largely driven by uncertainty surrounding US policy. Non-US equities have seen valuation support in large part due to the depreciation of the dollar. European stocks, in particular, rallied on increased defence spending commitments and an improved growth outlook across several European economies.",{"type":553,"attrs":751,"content":752},{"textAlign":49},[753],{"text":754,"type":558},"Asian markets, alongside the US and global equities more broadly, have benefited from strong enthusiasm around artificial intelligence, with data centres and semiconductor stocks emerging as key market themes. Nevertheless, uncertainty persists regarding the sustainability and longevity of this bull market.",{"type":553,"attrs":756,"content":757},{"textAlign":49},[758],{"text":759,"type":558},"Looking ahead, the coming year is likely to see inflation normalise, prompting central banks to end their interest-rate-cutting cycles.","briefing",[762,764,767,769,771,774,777,780,783,785,788,790,793,795,798,800,803,806,809],{"slug":763,"name":261},"anode",{"slug":765,"name":766},"batteries","Batteries",{"slug":768,"name":298},"cathode",{"slug":770,"name":115},"cobalt",{"slug":772,"name":773},"copper","Copper",{"slug":775,"name":776},"critical-minerals","Critical Minerals",{"slug":778,"name":779},"fluorspar","Fluorspar",{"slug":781,"name":782},"geopolitics","Geopolitics",{"slug":784,"name":8},"lithium",{"slug":786,"name":787},"manganese","Manganese",{"slug":789,"name":189},"natural-graphite",{"slug":791,"name":792},"new-energy","New Energy",{"slug":794,"name":150},"nickel",{"slug":796,"name":797},"phosphate","Phosphate",{"slug":799,"name":414},"rare-earths",{"slug":801,"name":802},"recycling","Recycling",{"slug":804,"name":805},"silicon-anode","Silicon Anode",{"slug":807,"name":808},"sustainability","Sustainability",{"slug":810,"name":811},"synthetic-graphite","Synthetic Graphite","private","Jan 06, 2026","6th January 2026",[],[],1780501050088]