STORY: The European Union is moving ahead with plans to stockpile critical materials.That’s what sources told Reuters, with Italy, France and Germany due to take leading roles.The EU unveiled a plan in December to lower its reliance on China for key raw materials.It includes a joint stockpile and export restrictions on reusable metal scrap and rare earth waste.However, the European Commission is yet to provide details.China is the world’s largest producer of industrial metals and minerals.Beijing placed export controls on a number of critical minerals and rare earths over the last three years.That’s hit supply chains for manufacturers outside the country.Europe lacks refining capacity and faces long lead times to diversify.And so strategic reserves are seen as one of the few tools available to protect its economy against China’s export curbs.It’s also considered a way to safeguard defense production and protect energy transition aims.The sources said France will work on financing purchases and Germany will handle sourcing.While Italy will take charge of storage.Italy and Germany have already pledged to work together to secure raw material supply chains needed by their industries.A Commission spokesperson didn’t immediately reply to a request for comment.
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