US-backed Verde to invest $1bn in disused Romanian mine and begin production in 2027
Europe will restart magnesium mining for the first time in more than a decade, as the EU attempts to reduce its reliance on Chinese imports of critical raw materials. EU member Romania on Friday awarded a mining concession to Verde Magnesium, a Bucharest-based company backed by US private equity investor Amerocap. Verde intends to invest $1bn in a disused magnesium mine near the city of Oradea and build processing facilities that would use renewable power and also recycle aluminium.
Verde will use the site of a magnesium mine that was shut in 2014 — at the time the last one operating in Europe. It intends to start production by late 2027 and reach 90,000 tonnes a year, half of EU supply, and 9 per cent of global production. The company is likely to apply to EU funding mechanisms, after it was named as a key investment by the European Raw Materials Alliance — an industry network backed by the European Commission.
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