Latest news with #CriticalRawMaterialsAct
Yahoo
6 days ago
- Business
- Yahoo
EU Commission accused of mining secrecy in scramble for raw materials
*Article updated with European Commission's reply The European Commission has failed to ensure adequate public consultation in its scramble to approve projects to mine critical raw materials, according to four Green/EFA MEPs who claim the executive has rebuffed requests for information and that they are mulling legal action against the executive. The EU adopted a Critical Raw Materials Act (CRMA) last May, listing minerals such as lithium and cobalt essential for electric cars and other clean energy applications, as well as digital and weapons technology. The EU is attempting to reduce dependency on single suppliers for these - such as China and the US - with the implementation of 60 extraction projects: 47 in the EU soil and 13 outside the Union. China's leadership in raw material extraction and production offer fierce competition to EU ambitions for production of electric vehicles and clean tech products. MEPs Maria Ohisalo, Sara Matthieu, Majdouline Sbaï and Ana Miranda, sought information on mining projects they considered problematic 'Despite several requests by MEPs and NGOs we have not been given access or provided information about the assessments of selected or upcoming projects,' the MEPs told Euronews, adding: 'We believe that transparency in these matters is not only a legal obligation, but an integral part of institutional accountability." Related EU Commission unveils 13 targets for overseas raw materials projects Monitoring group has become an 'empty shell', claims MEP 'While the European Parliament has observer status in the CRM board, relevant information on the choice of projects has not reached us,' the French MEP Majdouline Sbaï from Les Ecologistes told Euronews. The Critical Raw Material (CRM) board is a monitoring group (MG) within the European Parliament committee for international trade established to offer MEPs access to confidential Commission information regarding trade. 'Since the start of the mandate, at least in the CRM MG, but I would say in all the monitoring groups we followed, the Commission keeps repeating information that is already made public. These MGs have thus become empty shells,' Sbaï told Euronews. The four MEPs sent a letter to the Commission in early May, seen by Euronews, asking access to the impact assessments of the mining projects. In addition, they also requested the names of the independent experts who conducted the assessments to verify their impartiality, the exact geographical locations of the projects, and details on how the Commission plans to monitor their progress. The MEPs told Euronews they received a response later in May from Kerstin Jorna, the European Commission's Director-General for Internal Market, Industry, Entrepreneurship and SMEs, which they described as vague and evasive. Euronews approached the Commission for a comment, and a spokesperson said that "the Commission decision is available on the website, along with an interactive map of selected projects. Please note that in line with Article 46 of the Critical Raw Material Act, trade and business secrets of received applications must be kept confidential". On the experts, the Commission spokesperson said "To protect the independent assessment process and the privacy of the experts, the expert names are not disclosed publicly". The projects The six projects eyeballed by the MEPs are: the Mina Doade in Spain; the Barroso mining project in Portugal; the Sakatti project in Finland; another in the Allier region of France, and two outside the EU, in Serbia and New Caledonia. Recursos Minerales de Galicia initially had its 2018 mining project for the 'Alberta I' area rejected by regional authorities in 2020. In 2024, the company resubmitted the project under the name 'Mina Doade', and it has since been approved by the European Commission under the CRM. Another project approved by the Commission is located in protected marshlands in Viiankiaapa, Finland. The site forms part of the EU Natura 2000 network of sites designated for bird and biodiversity conservation. 'Mining does not belong to protected areas,' Finnish MEP Maria Ohisalo told Euronews, claiming that mining such an area 'destroys the very basis of nature conservation'. A €1 billion lithium project in France's Allier region, set to be the country's largest mining operation in decades, is sparking local controversy. Over five months of public debates, residents have raised concerns about water contamination, high energy use, and chemical risks. Related Inside the industrial heartland where France wants to build a €1 billion lithium project 'Fast-tracking extraction without pursuing strategies to moderate demand for raw materials and seeking consent of local communities is a recipe for disaster,' Belgian MEP Sara Matthieu told Euronews. Similar concerns were raised for a project in Serbia where a year ago, the Jadar mining project was unblocked to become the EU's largest supplier of lithium, amid strong protests.
Euronews
7 days ago
- Business
- Euronews
EU Commission accused of mining secrecy in scramble for raw materials
The European Commission has failed to ensure adequate public consultation in its scramble to approve projects to mine critical raw materials, according to four Green MEPs who claim the executive has rebuffed requests for information and that they are mulling legal action against the executive. The EU adopted a Critical Raw Materials Act (CRMA) last May, listing minerals such as lithium and cobalt essential for electric cars and other clean energy applications, as well as digital and weapons technology. The EU is attempting to reduce dependency on single suppliers for these - such as China and the US - with the implementation of 60 extraction projects: 47 in the EU soil and 13 outside the Union. China's leadership in raw material extraction and production offer fierce competition to EU ambitions for production of electric vehicles and clean tech products. MEPs Maria Ohisalo, Sara Matthieu, Majdouline Sbaï and Ana Miranda, sought information on mining projects they considered problematic 'Despite several requests by MEPs and NGOs we have not been given access or provided information about the assessments of selected or upcoming projects,' the MEPs told Euronews, adding: 'We believe that transparency in these matters is not only a legal obligation, but an integral part of institutional accountability." Monitoring group has become an 'empty shell', claims MEP 'While the European Parliament has observer status in the CRM board, relevant information on the choice of projects has not reached us,' the French MEP Majdouline Sbaï from Les Ecologistes told Euronews. The Critical Raw Material (CRM) board is a monitoring group (MG) within the European Parliament committee for international trade established to offer MEPs access to confidential Commission information regarding trade. 'Since the start of the mandate, at least in the CRM MG, but I would say in all the monitoring groups we followed, the Commission keeps repeating information that is already made public. These MGs have thus become empty shells,' Sbaï told Euronews. The four MEPs sent a letter to the Commission in early May, seen by Euronews, asking access to the impact assessments of the mining projects. In addition, they also requested the names of the independent experts who conducted the assessments to verify their impartiality, the exact geographical locations of the projects, and details on how the Commission plans to monitor their progress. The MEPs told Euronews they received a response later in May from Kerstin Jorna, the European Commission's Director-General for Internal Market, Industry, Entrepreneurship and SMEs, which they described as vague and evasive. Euronews reached the Commission for a comment without receiving a reply at the time of publication. The projects The six projects eyeballed by the MEPs are: the Mina Doade in Spain; the Barroso mining project in Portugal; the Sakatti project in Finland; another in the Allier region of France, and two outside the EU, in Serbia and New Caledonia. Recursos Minerales de Galicia initially had its 2018 mining project for the 'Alberta I' area rejected by regional authorities in 2020. In 2024, the company resubmitted the project under the name 'Mina Doade', and it has since been approved by the European Commission under the CRM. Another project approved by the Commission is located in protected marshlands in Viiankiaapa, Finland. The site forms part of the EU Natura 2000 network of sites designated for bird and biodiversity conservation. 'Mining does not belong to protected areas,' Finnish MEP Maria Ohisalo told Euronews, claiming that mining such an area 'destroys the very basis of nature conservation'. A €1 billion lithium project in France's Allier region, set to be the country's largest mining operation in decades, is sparking local controversy. Over five months of public debates, residents have raised concerns about water contamination, high energy use, and chemical risks. 'Fast-tracking extraction without pursuing strategies to moderate demand for raw materials and seeking consent of local communities is a recipe for disaster,' Belgian MEP Sara Matthieu told Euronews. Similar concerns were raised for a project in Serbia where a year ago, the Jada mining project was unblocked to become the EU's largest supplier of lithium, following strong local protests.
Economic Times
10-07-2025
- Business
- Economic Times
Magnets, Missiles and Mines: How MP Materials became the Pentagon's secret rare earths weapon for next-gen arms
The US government is stepping in to stop a quiet but serious chokehold: China controls about 70% of the world's rare earth mining and 90% of the refining capacity. These minerals — like neodymium and praseodymium — sit inside the permanent magnets that make electric cars move, phones buzz, and fighter jets fly. Without them, the modern world jams up. MP Materials runs the only operational rare earths mine in America, at Mountain Pass, California. To keep it alive and expanding, the Department of Defense will spend $400 million on new preferred shares, giving it around a 15% stake in the company. JPMorgan and Goldman Sachs are adding $1 billion more to help build the next phase. The real kicker is the safety net. For the next decade, the US government guarantees MP Materials at least $110 per kilogram for its neodymium and praseodymium output. If prices sink below that, taxpayers cover the gap. If prices rise above, the government gets 30% of the profit. As CEO James Litinsky put it, 'The taxpayers are going to make a lot of money.'It's a tough deal. But without it, the whole operation risks collapse under China's low-cost competition. The Pentagon also gets every magnet MP's new plant makes for 10 years — enough to feed both military and commercial Pass alone can't do it all. So MP Materials will build a second magnet factory, the '10X Facility,' alongside its existing Texas project. Once the new site starts running in 2028, America's home-grown magnet output should hit 10,000 metric tons a year. The goal is clear: end the need to ship mined ore to China just to buy it back as finished magnets. Litinsky called it a 'public-private partnership' that ties national security to business survival. He told investors, 'We understand that this partnership is ultimately on behalf of the taxpayers and our national security, and with that comes a great responsibility to get this done right.'This isn't just about economics. It's a strategic fight. China's near-total control of rare earths lets it squeeze supply at will. Last year, Beijing slapped new export rules on these critical minerals, just as tariffs rose on both sides of the Pacific. MP used to ship its entire output to Shenghe Resources, a Chinese company partly owned by the state. But tariffs as high as 125% killed that deal. Now, the US is forcing a break from that Burgum, US Interior Secretary, summed up the stakes in April: America must 'break dependence on China' for materials that end up in F-35s, drones and not just the US feeling the heat. The European Parliament branded China's export controls 'unjustified' and 'intended to be coercive.' They want the EU to speed up its Critical Raw Materials Act to slash dependence on foreign imports. China's foreign minister brushed off the backlash, saying it's China's 'sovereign right' to control materials with both civilian and military get this over the line, the Pentagon will also loan MP Materials $150 million to expand heavy rare earth separation at Mountain Pass. Together with the new plants, this should help the US make everything from wind turbines to MRI scanners without relying on a single foreign one's pretending it's cheap or quick. Rare earth prices don't make new mines profitable on their own. Government support makes the risk worth it. MP Materials' shares shot up over 50% after the deal, adding to an already impressive 92% gain this is about turning American rocks into American jobs and resilience. It's about building a full supply chain that can fuel clean energy, advanced tech and national defence — without strings pulled in real value here isn't just the minerals buried under Mountain Pass. It's the bet that a strategic resource can stay American, even when the global market wants the cheapest bidder. If it works, the magnets spinning inside future Teslas, wind turbines and fighter jets will come with a stamp that says: Made in the USA.
Time of India
10-07-2025
- Business
- Time of India
Magnets, Missiles and Mines: How MP Materials became the Pentagon's secret rare earths weapon for next-gen arms
The US government is stepping in to stop a quiet but serious chokehold: China controls about 70% of the world's rare earth mining and 90% of the refining capacity. These minerals — like neodymium and praseodymium — sit inside the permanent magnets that make electric cars move, phones buzz, and fighter jets fly. Without them, the modern world jams up. MP Materials runs the only operational rare earths mine in America, at Mountain Pass, California. To keep it alive and expanding, the Department of Defense will spend $400 million on new preferred shares, giving it around a 15% stake in the company. JPMorgan and Goldman Sachs are adding $1 billion more to help build the next phase. A guaranteed market for a fragile industry The real kicker is the safety net. For the next decade, the US government guarantees MP Materials at least $110 per kilogram for its neodymium and praseodymium output. If prices sink below that, taxpayers cover the gap. If prices rise above, the government gets 30% of the profit. As CEO James Litinsky put it, 'The taxpayers are going to make a lot of money.' It's a tough deal. But without it, the whole operation risks collapse under China's low-cost competition. The Pentagon also gets every magnet MP's new plant makes for 10 years — enough to feed both military and commercial demand. A second Magnet plant on the way Mountain Pass alone can't do it all. So MP Materials will build a second magnet factory, the '10X Facility,' alongside its existing Texas project. Once the new site starts running in 2028, America's home-grown magnet output should hit 10,000 metric tons a year. The goal is clear: end the need to ship mined ore to China just to buy it back as finished magnets. Live Events Litinsky called it a 'public-private partnership' that ties national security to business survival. He told investors, 'We understand that this partnership is ultimately on behalf of the taxpayers and our national security, and with that comes a great responsibility to get this done right.' Trade wars and tariffs: How we got here This isn't just about economics. It's a strategic fight. China's near-total control of rare earths lets it squeeze supply at will. Last year, Beijing slapped new export rules on these critical minerals, just as tariffs rose on both sides of the Pacific. MP used to ship its entire output to Shenghe Resources, a Chinese company partly owned by the state. But tariffs as high as 125% killed that deal. Now, the US is forcing a break from that loop. Doug Burgum, US Interior Secretary, summed up the stakes in April: America must 'break dependence on China' for materials that end up in F-35s, drones and submarines. Europe's parallel push It's not just the US feeling the heat. The European Parliament branded China's export controls 'unjustified' and 'intended to be coercive.' They want the EU to speed up its Critical Raw Materials Act to slash dependence on foreign imports. China's foreign minister brushed off the backlash, saying it's China's 'sovereign right' to control materials with both civilian and military uses. Big plans, big bets To get this over the line, the Pentagon will also loan MP Materials $150 million to expand heavy rare earth separation at Mountain Pass. Together with the new plants, this should help the US make everything from wind turbines to MRI scanners without relying on a single foreign refiner. No one's pretending it's cheap or quick. Rare earth prices don't make new mines profitable on their own. Government support makes the risk worth it. MP Materials' shares shot up over 50% after the deal, adding to an already impressive 92% gain this year. This is about turning American rocks into American jobs and resilience. It's about building a full supply chain that can fuel clean energy, advanced tech and national defence — without strings pulled in Beijing. The real value here isn't just the minerals buried under Mountain Pass. It's the bet that a strategic resource can stay American, even when the global market wants the cheapest bidder. If it works, the magnets spinning inside future Teslas, wind turbines and fighter jets will come with a stamp that says: Made in the USA.
The Market Online
10-07-2025
- Business
- The Market Online
Almonty Industries goes NASDAQ: In the fast lane with one of the world's most critical metals
Almonty Industries (TSX:AII) (WKN: A414Q8; ISIN: CA0203987072) is in the final stages of its debut on the NASDAQ. To this end, the number of shares has been visually reduced so that the share price complies with the stricter regulations of the well-known American technology stock exchange. This marks the beginning of a new era for the raw materials company. In an environment of daily political upheaval, a wealth of business opportunities will open up in the coming months. CEO Lewis Black will continue the success of recent years with an increased stock market presence and will also welcome the new US shareholders to the ownership circle. The highlight: US companies are often valued at a multiple of other stock markets, especially in the armaments and defense sector. The excitement is mounting! This article is disseminated in partnership with Apaton Finance GmbH. It is intended to inform investors and should not be taken as a recommendation or financial advice. Tungsten is one of the essential metals in modern defense technology. Whether in armor, guided missiles, special alloys, or armor-piercing ammunition, no other metal combines hardness, heat resistance, and density as comparably. In times of growing global uncertainty, access to tungsten is not only of economic interest but also of utmost importance for security policy. This is precisely where Almonty positions itself as a reliable partner to Western industry, with mines in South Korea, Portugal, and soon also in Spain. With the planned 'Critical Raw Materials Act' (CRMA), Brussels aims to simplify approval procedures and reduce dependencies. The EU is responding to growing dependence on raw materials with a comprehensive package of measures. The goal is to produce at least 10% of critical raw materials domestically by 2030, process 40% within the EU, and recycle 25%. Approval procedures for strategic projects are also to be significantly accelerated. In addition, the EU is funding 47 key projects in 13 member states and 13 international projects. Plans are in place to build up strategic reserves of rare earths and magnets, for example. Companies will be required to regularly analyze their supply chain risks. New alliances, such as the Critical Chemical Alliance, are also intended to prevent chemical bottlenecks. A central platform will also be used to coordinate the procurement of raw materials. Almonty could clearly benefit from this, not least because of its European footprint. A lever in the global political struggle for security of supply CEO Lewis Black is convinced that his company is in the right place at the right time. Almonty is not only a mining operator, but is increasingly becoming a strategic lever for securing Western interests. Analysts expect revenues of over CAD 300 million and profits of more than CAD 200 million from 2027 onwards, with price estimates for the underlying raw material remaining conservative. The historic Panasqueira mine in Portugal is already supplying consistently high-purity concentrate, and Sangdong is about to go into production. With a lifespan of over 90 years and purchase agreements in the American defense sector, this is a strategic jackpot for shareholders accustomed to high returns. Overview of details already published The funds generated from the placement of approximately 10% of new shares will be used specifically for the next strategic step. The plan is to build a state-of-the-art tungsten oxide plant, which will further strengthen the Company's position in the value chain. With its NASDAQ listing, Almonty (TSX:AII) is increasingly coming to the attention of international institutional investors, as liquidity for larger tickets is now also available. The Company will continue to be listed on the TSX and ASX under the ticker symbol 'AII' and on the Frankfurt Stock Exchange. OTCQX trading will be discontinued following successful NASDAQ admission. Please note the new security identifier and ISIN. The number of shares reduced by the reverse split is 192.46 million (prior to the US offering), which sets the current market capitalization at approximately CAD 1.4 billion. The planned issue volume and price range will be determined in line with market demand. A volume of up to USD 75 million is planned. Renowned investment houses, including Oppenheimer & Co., Cantor, D.A. Davidson, and Scotiabank, are accompanying the offering. Registration with the SEC is currently underway, and details will soon be available on SEDAR+ and EDGAR. The US stock exchange prospectus is also expected to be available in the next few days. Once approval has been granted, trading on the NASDAQ will commence under the new ticker symbol 'ALM' – marking a new chapter for one of the most exciting commodity companies in the Western world. The circle is complete CEO Lewis Black commented on the current phase of intense excitement: ' We are delighted to announce our application for listing on the Nasdaq in conjunction with a public offering in the US, which will secure our position as a leading supplier of tungsten to the US and its allies. Given the increasing geopolitical tensions worldwide, we anticipate that demand and price prospects for tungsten will remain robust for some time to come. I look forward to continuing our operational execution in the coming months as we strive to create sustainable, long-term value for our fellow shareholders .' Conclusion: The Almonty story exemplifies the new era of resource independence in the West. The Nasdaq IPO is a visible sign of this ambition, but the real potential lies in the strategic depth of the Company. In an increasingly conflict-ridden world, tungsten is becoming a metal of military importance. Those who invest in Almonty today are not only investing in a company, but also in geopolitical resilience with economic leverage. The following video provides an in-depth look at what tungsten is all about: The Almonty share price has risen sharply in recent days. Once the NASDAQ listing is complete, the current consolidation phase is expected to end quickly. Source: LSEG as of July 9, 2025 The environment for resuming historic tungsten production could not be better. Critical raw materials are a key focus for Western governments, and the issue is also high on the shopping list of investors worldwide. After a fivefold increase in the share price in just six months, it may take a little longer for the next doubling, given the increased market value. Conflict of interest Pursuant to §85 of the German Securities Trading Act (WpHG), we point out that Apaton Finance GmbH as well as partners, authors or employees of Apaton Finance GmbH (hereinafter referred to as 'Relevant Persons') currently hold or hold shares or other financial instruments of the aforementioned companies and speculate on their price developments. In this respect, they intend to sell or acquire shares or other financial instruments of the companies (hereinafter each referred to as a 'Transaction'). Transactions may thereby influence the respective price of the shares or other financial instruments of the Company. In this respect, there is a concrete conflict of interest in the reporting on the companies. In addition, Apaton Finance GmbH is active in the context of the preparation and publication of the reporting in paid contractual this reason, there is also a concrete conflict of interest. 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