Report Calls Out Europe for its Dependence on Imported Critical Minerals
A recent report from the European Court of Auditors (ECA) is calling Europe out for its continued dependence on imported critical minerals, exposing the bloc's dramatic reliance on foreign suppliers for materials essential to its energy transition. China dominates supply chains for six vital rare earth elements with market shares ranging from 69% to 74%, including neodymium and praseodymium needed for permanent magnets used in refrigerator doors, wind turbines, and car locking systems. In 2024 alone, the European Union brought in 17,000 of 20,000 tons of permanent magnets from China. The dependence on foreign imports stretches across numerous raw materials.…
