The EU and UK — in partnership with the US — have announced a series of measures to support the financing and purchase of critical minerals to support industry and secure supply.
The EU is set to launch its critical minerals joint purchasing platform after reports that the bloc is close to selecting a firm to operate the platform. The €9 million initiative is aimed at securing supply chains from concentrated sources such as China and Russia by collectively buying orders to leverage for better deals and prices. The platform is expected to be operational by early 2025.
The EU’s move comes as part of its Critical Raw Materials Act, which sets ambitious targets for domestic production and processing of strategic minerals. By 2030, the EU aims to extract 10% of its critical raw materials, process 40%, and recycle 15% of its annual consumption.
For example, the challenge is that Germany is 100% dependent on imports for 14 of 27 critical minerals on the list of European Union’s (EU) critical minerals, 95% import dependent on 3 others and, in some cases Germany is more dependent on imports than the EU as a whole.


In the UK, Chancellor Rachel Reeves is expected to announce expanded financial support for companies importing critical minerals in her upcoming budget on October 30. This initiative will grant importers of lithium, graphite, and cobalt access to UK Export Finance, a state body typically focused on assisting British exporters. The strategy is to bolster domestic industries and reduce reliance on Chinese supply of critical minerals.
White House national security adviser, Jake Sullivan, voiced support for the moves, telling an audience at the Brooking Institute:
“Critical minerals are another example. That sector is marked by extreme price volatility, widespread corruption, weak labor and environmental protections, and heavy concentration in the PRC, which artificially drops prices to keep competitors out of the marketplace.
If we and our partners fail to invest, the PRC’s domination of these and other supply chains will only grow, and that will leave us increasingly dependent on a country that has demonstrated its willingness to weaponize such dependencies. We can’t accept that, and neither can our partners.
That’s why we are working with them to create a high-standard, critical minerals marketplace, one that diversifies our supply chains, creates a level playing field for our producers, and promotes strong workers’ rights and environmental protections. And we’re driving towards tangible progress on that idea in just the next few weeks.”
Our recent analysis on how America’s current critical mineral strategy threatens disaster: