Bernd Schäfer: Europe Needs to Dig Deep with €10B Mineral Exploration Fund
Europe stands at a crossroads: secure its mineral future or stay dependent on global rivals.

As the global race for critical minerals intensifies, the European Union is being urged to take bolder, faster steps to secure its supply of strategic raw materials—before it’s too late. Bernd Schaefer, the CEO of EIT RawMaterials, a European Union-funded agency dedicated to strengthening mineral supply chains, has issued a direct warning: if Europe is serious about its green transition and economic sovereignty, it must allocate over €10 billion to exploration and resource development by 2028.
Schaefer’s comments come at a pivotal moment. With its climate agenda, digitalization push, and rising defense needs, the EU has never been more reliant on critical raw materials—such as lithium, copper, vanadium, and titanium. But there’s a glaring problem: Europe doesn’t produce nearly enough of them. Today, the bloc depends heavily on China, with import reliance for several minerals exceeding 65%. That’s a strategic vulnerability Brussels can no longer afford to ignore.
The European Commission has already set targets for 2030: mine at least 10% of the EU’s annual needs domestically, recycle 25%, and process 40% within Europe. But ambitions are just the starting line. Without serious capital behind them, they’re little more than policy dreams.
