European Union seeks to end dependency on China for rare earths
Through the RESourceEU plan, the European Union seeks to end its reliance on China for its critical raw materials, which are essential for Europe's automotive, defence, Greentech and digital sectors.
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00:00European Commission President Ursula von der Leyen said the European Union is working on a strategy to end its reliance on China for its critical raw materials.
00:12The strategy comes in a response to China's decision to implement tighter restriction on rare earth exports.
00:18If you consider that over 90 percent, 9-0, of our consumption of rare earth magnets come from imports from China, you see the risks here for Europe and its most strategic industrial sectors.
00:36von der Leyen said the aim of the plan is to secure access to alternative sources of the minerals.
00:41These are key to EU industries such as automotive, defense, greentech and digital sectors.
00:48The plan, which is named Resource EU, will seek out cooperations with countries like Ukraine, Australia, Canada, Kazakhstan, Uzbekistan, Chile and Greenland.
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