EU needs rare earths strategic reserves against China threat
European Union countries should create joint reserves of rare earths to prevent supply chain disruptions and economic blackmail from China, the EU's Commissioner for Industrial Strategy, Stephane Sejourne, told the Handelsblatt newspaper.
Sejourne also said he would launch further tenders this year to promote alternative raw material sources, the German newspaper said.
"All European countries today have strategic reserves for oil and gas. We should do the same for strategic raw materials," Sejourne was quoted as saying on Monday.
The European Union in June announced 13 new raw material projects outside the bloc to increase its supplies of metals and minerals essential to its competitiveness in the energy transition as well as defence and aerospace.
The announcement followed China's decision in April to impose export curbs on rare earth magnets until new licences are obtained, leaving diplomats, carmakers and other companies from Europe and elsewhere scrambling to secure meetings with Beijing officials and avert factory shutdowns.
Sejourne also warned Beijing that the EU has the tools to defend itself in a potential trade war. "Europe must finally use the same weapons as its competitors," he said.
China in June said it attached great importance to the EU's concerns and would look into speeding up the approval process to ship rare earth exports to the EU.
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