The EU Critical Raw Materials Act (CRMA, Regulation 2024/1252) entered into force on 23 May 2024 and establishes a framework to ensure the EU's access to a secure and sustainable supply of critical raw materials. Cobalt is designated as both a critical raw material and a strategic raw material under the CRMA, reflecting its essential role in the EU's green and digital transitions and its high supply concentration risk.
Strategic Raw Material Benchmarks
The CRMA sets benchmarks for strategic raw materials including cobalt: by 2030, at least 10% of the EU's annual consumption should be extracted domestically; at least 40% should be processed domestically; at least 15% should come from recycled materials; and no more than 65% should come from a single third country at any stage of processing. Given that the DRC accounts for ~70% of global cobalt mine production and China accounts for ~70% of cobalt refining, meeting these benchmarks requires significant supply chain diversification.
Strategic Projects
The CRMA establishes a process for designating "Strategic Projects" for critical raw material extraction, processing, and recycling within the EU and in third countries with strategic partnerships. Strategic Projects receive streamlined permitting, access to EU funding, and support from the European Critical Raw Materials Board. Several cobalt projects in Finland, Morocco, and Australia have been identified as potential Strategic Projects.