Europe is moving to revive the mining industry in an effort to reduce its reliance on China for a variety of minerals. The European Commission, the executive branch of the European Union, has proposed a €1.5 billion fund to support the development of new mining operations in the bloc. The money would be used to develop national mineral strategies, fund research and development related to mining, and provide investment for new projects.
The Commission also plans to introduce measures to reduce the administrative burden on mining operators and create a European mining innovation cluster to promote collaboration and research. The goal is to reduce Europe’s dependence on imports of minerals such as rare earths, lithium, and cobalt, which are critical for the production of electric cars and other green technologies.