Mining companies urge EU for dedicated critical minerals budget

Mining companies are calling on the European Union to establish a dedicated budget for critical minerals, citing significant financing challenges for strategic projects. Despite the identification of 60 strategic projects under the 2024 Critical Raw Materials Act, industry representatives warn of acute liquidity problems and market pressures.

While the European Commission has established a 1.7 billion euro mobilization framework, companies report that funds remain difficult to access. The lack of a dedicated budget line has led to concerns that mineral projects will lose out to other political and economic priorities. The impact of these financial difficulties was highlighted by the bankruptcy of the French lithium refinery Viridian Lithium earlier this year, despite its status as a strategic project.

In response to these demands, an EU official stated that no specific budget line for critical minerals will be created, noting that future funding will instead focus on flexibility, predictability, and efficiency. Stefan Sežurne, Commission Vice President for industrial strategy, stated that the Commission has identified strategic projects and is working to accelerate both their financing and administrative procedures.