EU-backed critical minerals fund launching in 2023 – Reuters

The European Raw Materials Fund is seeking billions of euros through public and private investments with plans to launch in early 2023, Reuters reported June 17, citing Bernd Schaefer, CEO of EIT Raw Materials, a European Union-backed initiative.

The new fund will invest in critical minerals projects and help finance plans by the EU to produce one-fifth of its own rare earth magnets by 2030, according to the report. It is expected to launch with €2 billion.

The European Raw Materials Fund has already held discussions with private groups such as pension funds and other institutions. However, the region will require investments exceeding €100 billion to produce enough critical minerals, according to Schaefer.

"If you look at the enormous investment needed for raw materials, €100 billion to €150 billion needs to be invested to cope with the challenges of electrification," Schaefer said at the World Materials Forum in France.

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