Press Release
Critical raw materials have moved from being a specialised industrial topic to one of the defining economic and strategic issues facing Europe today.
The reason is simple. Minerals are no longer merely inputs for industry; they underpin the technologies, infrastructure and systems on which modern economies depend. From renewable energy and electric vehicles to data centres, telecommunications networks, advanced manufacturing and defence systems, critical minerals are embedded in almost every aspect of Europe’s future.
Without minerals, there is no green transition, no digital economy, no credible defence capability and no meaningful path towards European strategic autonomy. As Europe accelerates its ambitions in clean energy, advanced manufacturing and security, demand for critical raw materials will continue to grow significantly over the coming decades.
This was evident during the Entrepreneurs' Forum “Why Do We Need Minerals?” and related events held in Larnaca under the auspices of the Cypriot Presidency of the Council of the European Union. The gatherings brought together more than 100 participants from over 20 countries, including policymakers, industry leaders, investors and technical experts. The presence of President Nikos Christodoulides, who addressed the Delegates Assembly, underlined the growing recognition that critical raw materials have become a strategic priority for Europe.
The discussions highlighted a reality that is becoming increasingly difficult to ignore. Global competition for critical minerals is intensifying, supply chains are becoming more vulnerable to disruption, and demand continues to rise as countries pursue decarbonisation, electrification and technological advancement.
Europe has already developed ambitious policies and regulatory frameworks, including the Critical Raw Materials Act. However, Europe does not suffer from a shortage of strategies. What it lacks is execution, scale and speed.
Circularity, recycling and material substitution will undoubtedly play a vital role in the future, and investment in these areas must continue. However, recycling alone cannot meet the level of demand required for the energy transition and industrial transformation ahead. We must strengthen the entire value chain. From exploration, extraction and processing to refining, recycling and advanced manufacturing.
Equally important is the question of standards. Responsible sourcing is sometimes portrayed as being in conflict with competitiveness. In reality, the opposite is true. High environmental, social and governance standards are not a burden; they are the foundation of sustainable investment, public acceptance and long-term industrial success.
Strategic autonomy should also be understood correctly. It does not mean self-sufficiency or economic isolation. Rather, it means ensuring that Europe can continue to operate and prosper under pressure. Achieving this requires diversified supply chains, stronger domestic capabilities and trusted international partnerships built on transparency, reliability and mutual benefit.
For Cyprus, this discussion carries particular significance. The island’s mining heritage stretches back thousands of years, and its copper deposits helped shape trade routes, economic development and its place in history. Today, Cyprus can once again contribute to Europe’s resource future through responsible development and international cooperation.
The urgency is clear. Europe possesses the knowledge, the technology and the policy frameworks required to succeed. The challenge now is to translate ambition into action. The future competitiveness of Europe’s economy may well depend on how successfully we meet that challenge.
*Chairman of Venus Minerals, President Emeritus of Euromines and EU expert on the funding of critical raw materials projects
