On May 23, 2024, the European Critical Raw Materials Act came into force. This legislation includes provisions to support the implementation of strategic projects for developing minerals listed as critical for the EU. The European Commission has begun accepting applications from mining companies to identify projects for the extraction, enrichment, and processing of mineral raw materials. These projects are considered to be of public interest due to their importance in ensuring the security of raw material supply and the functioning of the internal market of the European Union and its partner countries.
“Strategic projects will receive several incentives for their implementation. Specifically, they will have access to financing and risk mitigation mechanisms for investment. Companies will also be able to complete the procedure for obtaining special permits and related processes online and in a short time," explains Roman Opimakh, Head of the Ukrainian Geological Survey. "Among the requirements for the projects is the publication of information on deposits and occurrences of minerals containing critical raw materials, which must be freely accessible online on the EU resource. Their reserves and resources should be assessed according to the international classification of the UNFC.
According to the CRM Act, strategic mineral raw materials include bauxite, alumina, aluminum, bismuth, boron, cobalt, copper, gallium, germanium, lithium, magnesium metal, manganese, natural graphite, nickel, platinum group metals, and rare earth elements for magnets (Nd, Pr, Tb, Dy, Gd, Sm, and Ce), as well as silicon metal, titanium metal, and tungsten. These minerals are critical to the success of the green and digital transition, as well as the resilience of the defense and aerospace sectors.
The deadline for applications for project registration is August 22, 2024, at 12:00 CET (CEST). The application form is available at: https://webgate.ec.europa.eu/df/client/dfclient/b387d5c6-48e5-4638-a4a4-71a8c65e481f.
The European Commission has prepared a guide containing information on how to prepare and submit an online application, the required supporting information, the criteria and procedure for evaluating projects, and contact details for further information. Additionally, subsoil users can contact the specialists at the Ukrainian Geological Survey for additional assistance if needed.
The implementation of strategic projects is expected to result in the creation of secure mineral supply chains within the anticipated timeframe, ensuring the required volumes of raw materials and stable revenues.