The European Union has begun to create, together with 14 countries, a network for joint financing of projects in the key minerals sector in order to fight China in this area, TASS reports, citing the Financial Times (FT).
According to the publication, the initiative is called “The Minerals Security Partnership (MSP).” It guides development finance and export credit agencies to work with the private sector to support mining projects.
MSP brings together Australia, the UK, Germany, India, Italy, Canada, Norway, the Republic of Korea, the US, Finland, France, Sweden, Estonia, Japan and the EU to attract private investors and mining companies. These include BlackRock, Goldman Sachs, Citigroup, Rio Tinto and Anglo American.
The draft MSP statement said the network would “strengthen collaboration and facilitate information sharing and co-financing.” It lists 10 critical mining projects that have already received support from partner governments, including nickel in Tanzania.
In addition, according to a statement from the US Under Secretary of State for Economic Growth, Energy and Environment, Jose FernandezThe MSP is evaluating 30 more critical mining projects.
“This problem can only be solved together” – Fernandez said about this.
According to the International Energy Agency (IEA), China controls around 60% of the world’s rare earth metal production and its share in the processing process reaches almost 90%.
