Andrzej Kensbok proposes new EU strategy for critical raw materials

Andrzej Kensbok, Vice President of Grupa Virtus SA, has outlined a proposed three-pillar strategy for the European Union to secure critical raw materials. The suggested framework includes establishing an institution with its own balance sheet to provide capital or guarantees, replacing subsidies with demand-driven mechanisms such as long-term contracts with guaranteed minimum prices, and creating a predictable permitting process for processing and recovery facilities.

Kensbok emphasizes that strategic reserves should consist of processed materials like pure metals, alloys, and magnets rather than oxides, which the European industry currently lacks the capacity to refine. He also calls for a reliable, public price benchmark for metals outside of exchanges to enable financial modeling and risk management.

Regarding Poland's role, Kensbok notes that the country currently acts more as a supplier of raw materials and data than a rule-maker. However, Poland is involved in the European Critical Raw Materials Council and the REsourceEU platform. Notable projects include a rare earth separation initiative in Puławy involving Mkango and Grupa Azoty.