Press Release: VP Verheugen: Securing raw material supply for EU industries

The European industry is facing increasing challenges in ensuring access to raw materials, which are essential for manufacturing. As a result of rising global demand, prices for many metals have reached record levels and Europe’s capacity to provide raw materials is limited. Many metallic minerals are either geologically not available within the EU or only in relatively small volumes compared with global production, e.g. copper (5%), iron ore (2%), nickel (1.7%), and zinc (8.5%). A working paper from the services of the European Commission, published on 5 June 2007, gives a comprehensive picture of the current situation of EU industry's access to raw materials which is affected by the unprecedented demand for minerals mainly as a result of the rapid industrialization of emerging countries, such as Brazil, China and India. The global dimension of this problem is being increasingly recognized. Access to raw materials is on the agenda of the forthcoming G8 Summit on 6-8 June. On that occasion a Declaration on "Responsibility for raw materials: transparency and sustainable growth" is expected to be adopted, which will address the key priorities for a sustainable and transparent approach to this question. In addition the Competitiveness Council meeting on 21 May has invited the Commission to develop a coherent political approach to the issues arising.