Critical Raw Materials Act elevates the discussion to the next level

The EU Critical Raw Materials Act (CRMA) was adopted by the European Commission at the end of March after 18 months of preparation. Fast-tracking the process speaks to the importance of the matter. The work was accelerated by the EU being aware that it cannot remain dependent on exported raw materials like it is on oil and gas.

“The aim is to ensure that, in the future, not more than 65 percent of the Union's annual consumption of each strategic raw material will come from a single third country. In practice, it means that we aim to significantly ramp up the production, refining and recycling of materials such as nickel, lithium, cobalt and rare earth elements, which are crucial to the green transition, digitalisation and defence applications,” says CEO of Finnish Minerals Group Matti Hietanen.

The CRMA is promising for new mining and battery industry projects. Projects that enhance the security of supply of strategic raw materials, demonstrate technically feasibility, meet high sustainability standards and are socially responsible will benefit from a streamlined permitting process and better funding opportunities.

According to Matti Hietanen, adopting this act means that it is high time for Finland to elevate its discussion on mining and battery industry projects to the next level. It is our duty to care for the Earth and ensure well-being and security in Europe for future generations as well.

"The EU’s goal to be climate-neutral by 2050 simply cannot be achieved without significantly increasing mineral production and creating European value chains. As a continent that has learned from the energy crisis, it is in our mutual interest to ramp up the production of critical raw materials in Europe," says Hietanen.

The mission of Finnish Minerals Group is to responsibly maximise the value of Finnish minerals. We manage the State’s mining industry holdings and strive to develop the Finnish value chain of lithium-ion batteries. Through our work, we contribute to Europe moving towards electric transport and a more sustainable future. www.mineralsgroup.fi