In race to regain rare earth glory, Europe falls short on mineral goals
LONDON -Four decades ago, a rare earth processing plant on France's Atlantic coast was one of the largest in the world, churning out materials used to make colour televisions, arc lights and camera lenses. Its current owner) is racing to return the plant at La Rochelle to its former glory after years of diminished output as Europe seeks to boost production of the minerals fuelling the green energy transition.
The EU will struggle, however, to meet most of the goals in rare earths, according to production forecasts gathered by Reuters and interviews with over a dozen industry executives, consultants, EU-funded officials, industry groups and investors. According to the Reuters analysis, the EU is due to have only scant output from rare earth mines by 2030; and there is similarly only one project in the metals and alloys sector, which is low margin.
"The window between now and 2030 is going to close very quickly in the context of how long it takes to get some of these projects and processing facilities off the ground," said Ryan Castilloux at consultancy Adamas Intelligence, which specialises in critical minerals.
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