Report: The European Union lags behind America in the race for vital minerals

“The European Union is falling further and further behind the United States in the race to obtain vital minerals... and the industry warns that it is moving too slowly,” the newspaper’s report said.

The newspaper pointed out that these minerals are essential in the defense and green technology sectors, and that Brussels lags significantly behind Washington in terms of their availability. While the United States announced investments worth approximately $40 billion in projects related to this sector starting in 2022, Brussels allocated only $6 billion to similar projects in the past 18 months.

Bernd Schäfer, executive director of the European Raw Materials Institute, also told the newspaper that there is a risk that the United States will become a “second China” for Europe in terms of its dependence on rare earth metals.

China controls about 70% of the world's supply of rare earth elements, and up to 90% of its processing. These elements are critical for the production of electronics and electric vehicles.

In February, the United States admitted that it relies on imports to secure more than 90% of its needs for about 25 critical minerals.