A report by the European Court of Auditors (ECA) concluded that the EU’s 2030 targets for renewable energy and domestic mineral production are “out of reach” due to slow progress in mining, refining, and recycling. Even when new deposits are discovered, it can take up to 20 years for an EU mining project to become operational, making significant contributions by 2030 unlikely.
The EU is heavily reliant on China for key resources, including 97% of magnesium, 71% of gallium, 31% of tungsten, and 69–74% of critical rare earths such as neodymium and praseodymium, used in permanent magnets for a wide range of applications. In 2024, 17,000 of 20,000 tonnes of permanent magnets used by EU industry came from China.
The report highlights the urgent need for the EU to diversify supply chains and reduce vulnerability. International efforts are underway: the UK agreed to accelerate cooperation with Japan on critical minerals, while the US will host a summit with 20 countries to coordinate alternative supply sources and decrease dependency on China.
