Europe will restart magnesium mining for the first time in more than a decade, as the EU attempts to reduce its reliance on Chinese imports of critical raw materials. EU member Romania on Friday awarded a mining concession to Verde Magnesium, a Bucharest-based company backed by US private equity investor Amerocap.
Verde intends to invest $1bn in a disused magnesium mine near the city of Oradea and build processing facilities that would use renewable power and also recycle aluminium.
More than 90 per cent of the bloc’s magnesium — crucial for making lightweight aluminium alloys used in cars and packaging — is imported from China.
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