The European Union’s Critical Raw Material Act aims to bolster the resilience of its critical mineral supply chains by setting ambitious goals. These goals include increasing mining capacity within the EU to meet 10% of its critical mineral demand, processing 40% of demand within the bloc, and recycling 25% of demand.
Visual Capitalist’s Bruno Venditti details that as of July 2024, the EU faces challenges in meeting these targets. For instance, while nickel mining is on track, other battery minerals deemed strategic by the EU, such as graphite, are falling short. There is a significant gap in the supply of manganese ore and coke, essential for synthetic graphite production.
By 2030, the EU aims to produce 16,000 tonnes of flake graphite locally, but the target is set at 45,000 tonnes. Similarly, the bloc is projected to produce 29,000 tonnes of lithium carbonate equivalent, falling short of the 46,000 tonnes target.
In terms of processing, the EU is expected to meet 25% of its lithium requirements, 76% of nickel, 51% of cobalt, 36% of manganese, and 20% of flake graphite. Recycling rates are also below targets, with the EU expected to recycle only a fraction of its lithium, nickel, cobalt, and manganese needs.
The EU’s efforts to secure its critical material supply face significant challenges, as depicted in graphics sourced from Benchmark Mineral Intelligence. The bloc must work towards closing the gap between demand and domestic supply to enhance its strategic autonomy in critical mineral resources.