Two Nordic mining companies at the heart of Europe’s push to achieve resource security are taking novel — albeit very different — approaches. One is pursuing the concept of an “invisible mine,” while the other is taking on one of the world’s most radical relocation projects.
It forms part of a strategic shift for the European Union. Under its forthcoming “RESourceEU” initiative, the 27-nation bloc intends to step up its efforts to secure access to domestic sources of critical raw materials in both the short- and long-term.
The plan, which intends to boost investment in strategic projects, is designed to help break China’s long-held mineral dominance.
Alf Reistad, CEO of mining firm Rare Earths Norway, told CNBC that there’s been a clear shift in terms of how both domestic and EU policymakers are thinking about mineral supply chains.
“What we see now is really a sense of urgency. Everybody is speaking about the need for actions,” Reistad told CNBC by video call. “It is really the time to act now. We have always said that we are too early until we are too late.”
