EU recognizes Metlen's gallium investment as strategic for Europe

In Greece, significant new investments in critical raw materials were announced during the visit of the Executive Vice President of the European Commission, Mr. Stéphane Séjourné. The announcement was made by Evangelos Mytilineos, the President and CEO of Metlen, at the industrial facilities of Aluminium of Greece located in Agios Nikolaos, Boeotia. This visit was notably timed to coincide with the recent European Union decision that characterized the Metlen investment as strategic, particularly for gallium production, a critical raw material that Europe heavily relies on. The visit highlighted the ongoing challenges Europe faces with its dependence on imports for essential materials, such as gallium and alumina. Currently, Europe is reliant on external sources for 98% of gallium and 87% of alumina, making projects like the one facilitated by Metlen crucial for achieving European strategic autonomy. In his remarks, Mr. Séjourné emphasized Greece's potential pivotal role in the supply of critical raw materials within Europe and called for strengthening initiatives that could mitigate this dependency. Minister of Development, Takis Theodorikakos, also underscored the strategic and emblematic nature of the investments in relation to Greece’s economy and the broader European market. The Greek government is dedicated to supporting this investment practically and has established a favorable institutional framework for such projects. Aiming for enhanced autonomy and security, officials view the Metlen investment not merely as an economic venture, but as a necessary step towards achieving energy independence and a shift in Europe’s production model. The importance of these investments ties into the European Union's broader aims to enhance its sovereignty, particularly in light of the escalating need for critical raw materials that are fundamental for the green transition and the development of defense capabilities across member states. The EU has categorized a list of 34 critical raw materials essential for its strategic operations, highlighting the anticipated growth in supply demands in the near future. This commitment aligns with the European legislation on critical raw materials which sets ambitious targets, aiming for 10%, 40%, and 25% of the EU’s demand in mining, processing, and recycling by 2030, respectively.