EU's goals for critical metals and minerals
Last week, the European Parliament and the European Council agreed to pass the Critical Raw Materials Act, the EU's plan to secure the future supply of critical raw materials. This includes rare metals that could be crucial for Sweden's and the EU's ability to keep up with the green and digital transition. Researcher and IVA member Magnus Ericsson is one of the initiators of IVA's ongoing project 'Roadmap for Metals and Minerals,' which aims to provide answers on how the goals in the EU's plan can be achieved.
The Roadmap for Metals and Minerals project has been running throughout 2023. What is it about?
We are looking at how Sweden and Europe can sustainably ensure the supply of the metals and minerals needed to meet our climate goals and digital development. This includes rare earth metals needed in magnets for wind turbines, or copper for continued electrification. How can we improve our exploration and discovery of these metals and minerals? How should extraction be carried out? How can we increase reuse and recycling throughout the entire value chain?
And not least, how can we resolve the goal and interest conflicts that may jeopardize future mining? How can we balance and compromise to find solutions that enable us in Sweden to mine and recycle these raw materials?
Why is it important that we do this in Sweden?
Sweden plays a significant role for Europe in terms of access to several important metals and minerals. Swedish mines account for a large part of the production within the EU, which directly impacts the goal of increased self-sufficiency set out in the Critical Raw Materials Act.
Furthermore, this has great significance for Swedish industry and competitiveness. It is not only important for the companies that extract these raw materials from their mines, but also for all the Swedish companies that manufacture the machinery and equipment required to make this possible.
What can IVA's projects contribute that has not already been done, for example, at the EU level?
I believe that perhaps the most important aspect is that we have gathered such a broad field of experts and stakeholders, including around 50 Swedish experts, IVA Fellows, and researchers from varous fields. Additionally, we have assembled a large international reference group with participants from around the world. This allows us to approach these issues in a very comprehensive manner and highlight them in ways that are not always done when mining issues are discussed, for example, in Brussels. We aim to inform and provide an overview of the opportunities and consequences that are often only briefly highlighted without being connected.
In February, the project will publish the first out of three reports that will focus sequentially on extraction processes, circular flows and the social aspects of future mining. Who should read the reports?
We aim to reach our politicians at all levels, from the national parliament and regional authorities down to the local level. We also want to inform and support the industry, and we aim to contribute to a factual public debate. Additionally, we hope to reach and spread knowledge to schools and universities at all educational levels.
Facts
What is the EU's Critical Raw Materials Act?
An EU regulation aimed at ensuring the supply of 34 raw materials that the EU considers critical or strategically important for the region's future competitiveness and transition to a more sustainable economy. The goal includes having 10 percent of these strategic raw materials mined within the EU and 40 percent processed here. Additionally, the aim is for the EU's recycling capacity to cover 25 percent of consumption.
What are rare earth metals?
Rare earth metals, or Rare Earth Elements (REE), are a group of elements listed by the EU as critical raw materials. They can be used to manufacture batteries, strong magnets found in electric motors, and electric generators needed for power production in various types of power plants.
Where in the world are rare earth metals mined?
China is by far the largest producer of rare earth metals, accounting for 86 percent of global production, followed by Australia (6 percent) and the USA (2 percent). Within the EU, over 90 percent of the demand for rare earth metals is met through imports from China. Only a small portion (3-8 percent) is met through recycling. Currently, there is no mining or production of rare earth metals in Sweden, but mining has previously taken place in the Bastnäs field in Västmanland County. (Source: SGU)
About Magnus Ericsson
Magnus Ericsson has worked for over 50 years on mineral economics and policy issues related to the global mining industry. He is an adjunct professor of mineral economics at Luleå University of Technology and one of the founders of the consultancy firm RMG Consulting, which advises governments, companies, investment banks, and international organizations on mining strategies and policies.
Magnus is a Fellow of the Royal Swedish Academy of Engineering Sciences (IVA) since 2008.
