A FACTORY might appear economically valuable, but if it is polluting so much that it destroys the surrounding ecosystem, it is not adding value at all. This principle should be central to the European Union’s policy decisions, as it races to secure access to the 34 raw materials considered “critical” to the EU’s renewable-energy, digital, space and defence, and health sectors.

The process of extracting critical minerals from raw ore – before smelting, refining, or otherwise changing them into usable forms – is highly concentrated within global supply chains, and not in Europe.

In 2021, China processed 50 per cent of the world’s lithium, 56 per cent of its nickel, 80 per cent of its gallium, 60 per cent of its germanium, and 69 per cent of its cobalt. As a result, these supply chains are prone to bottlenecks and highly vulnerable to economic and geopolitical shocks.