BRUSSELS, March 25 (Xinhua) -- The European Commission on Tuesday adopted 47 strategic projects to strengthen the European Union's (EU) raw materials supply chain and diversify its sources. It described the move as a major step under the bloc's Critical Raw Materials Act (CRMA).

The CRMA, which took effect on May 23 last year, aims for the EU to meet 10 percent of its own extraction needs, 40 percent of its processing, and 25 percent of its recycling requirements for strategic raw materials by 2030.

Spanning 13 EU member states including Belgium, France, Italy, Germany, and Spain, the 47 projects focus on extraction, processing, recycling, and substitution. They involve 14 of the 17 strategic raw materials covered by the CRMA, including lithium, nickel, cobalt, manganese, and graphite.

"By helping Europe meet these targets, the new Strategic Projects contribute significantly to Europe's green and digital transitions," said the Commission in a statement.

The projects will particularly benefit the EU battery raw material value chain and contribute to the resilience of the EU's defense industry, the Commission added.

Total capital investment for the 47 projects is expected to reach 22.5 billion euros (about 24.32 billion U.S. dollars), backed by the Commission, EU member states, and financial institutions. The EU will also speed up permitting procedures, cutting approval times to a maximum of 27 months for extraction projects and 15 months for others, down from the current five to 10 years. (1 euro = 1.08 U.S. dollars) Enditem

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