Romania is becoming an essential link in the Western production of critical materials because the processing plant will operate in Feldioara, Energy Minister Bogdan Ivan said.
‘This is the first time Romania becomes an essential link in the Western production of critical materials because the processing plant will operate in our country, in Feldioara. We have an excellent opportunity to access European funding totalling three billion euro. Thus, we become a key player in the global rare earths industry. This project is a game changer because rare earths are essential for the world of tomorrow, being used in satellite production, energy storage and the development of artificial intelligence,’ Minister Bogdan Ivan highlighted, according to a relevant ministry press release sent to AGERPRES on Thursday.
The Ministry of Energy supports the development in Romania of a crucial project for stabilising global production of critical materials through a joint venture partnership between the Feldioara-based company Fabrica de Prelucrare a Concentratelor de Uraniu S.R.L. (FPCU) and the American company Critical Metals Corp. The project will form the first fully integrated supply chain for critical materials in the Western world. It may also be financed under the European RESourceEU Action Plan with funding of up to three billion euro.
According to the source, the project would secure Romania access to the processing of 50% of the rare earths extracted from the world’s largest deposit of this kind, located in Greenland. By processing them at the Feldioara plant using state-of-the-art technology, Romania can become a constant supplier of materials indispensable for key industries such as microprocessors, aerospace or defence.
After the initial evaluation phase, which establishes the feasibility of setting up the joint venture partnership, details will be presented regarding the stages of the project, the financing mechanism and the development strategy aimed at strengthening Romania’s position as an essential pillar in the Euro-Atlantic rare earth processing industry. AGERPRES
