Mytilineos: ‘Meaningful Action Immediately’ Needed by Commission Over CRMs

Noted Greek industrialist Evangelos Mytilineos, the chairman, CEO and founder of the newly renamed Metlen Energy & Metals, one of the biggest private industrial conglomerates in southeast Europe, took to his Linkedin page on Tuesday to directly comment on the EU’s position regarding the all-important supply of critical raw materials (CRMs).

Mytilineos, one of Greece’s most prominent business leaders, called for “meaningful action immediately” by the incoming European Commission, while also taking a swipe at what he called more tightening by Beijing of metals and rare earth exports (CRMs).

Taking his cue from a previous Reuters article on the issue, entitled “Antimony prices gear up for new records on China export curbs” and bylined by Seher Dareen – which he links to the bottom of his post – the top corporate executive called for “tangible measures” regarding CRMs.

Specifically, he writes:

“China continues to tighten exports of metals and rare earths. To face this substantial risk the European Union has put in place, since May 2024, the Critical Raw Materials Act, with the intention to secure European access and sustainable supply for these materials, beginning with domestic extraction and production but also including diversified imports. The list includes 34 critical raw materials among which, Antimony, Germanium, Bauxite, Gallium and many others. Unfortunately, so far, the European Commission has omitted to prescribe tangible measures to support European Industry in order to play the role of CRM provider, failing to present solid derisking tools or IRA-like incentives. With a new Commission ante portas and no more time to waste deliberating, we expect meaningful action immediately.”

The Reuters article, among others, notes that “China’s decision to restrict exports of antimony from Sept. 15 is likely to drive prices of the metal used in ammunition and batteries to new records, as buyers seek more material to stockpile, analysts and traders said on Thursday.

Prices of the minor metal , also used in fire-retardants, photovoltaic solar cells and military equipment, are already trading at all-time highs above $22,000 a metric ton, having roughly doubled since the start of the year due to a global deficit of the metal.”

The article continues:

It will impose export limits on antimony and related elements in the name of national security, China’s commerce ministry said, its latest move to restrict shipments of critical minerals where it is the dominant supplier. This could widen the deficit in the antimony market, which consultancy Project Blue estimated at 10,000 tons in May.”

In quoting Jack Bedder, the co-founder of Project Blue, the article states that “China has already been cutting down on metal exports as they are consuming it all domestically.”

As per specific substances, Reuters quoted Bedder as saying that European refineries requiring antimony trioxide have increased supply from Tajikistan, Vietnam and Myanmar “to diversify from the Chinese feed, while India increased antimony ingot supplies to the United States …Another upsurge in antimony prices will reinforce the western world’s reliance on China for critical minerals, which also include rare earths, gallium and germanium, exports of which are also restricted since last year.”

Source: tovima.com