EU to stockpile critical minerals amid geopolitical risks, FT says

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(Reuters) -The European Union plans to stockpile critical minerals as a precaution against potential supply disruptions due to geopolitical tension, the Financial Times reported on Saturday, citing a draft document by the European Commission.

“The EU faces an increasingly complex and deteriorating risk landscape marked by rising geopolitical tensions, including conflict, the mounting impacts of climate change, environmental degradation, and hybrid and cyber threats,” the newspaper quoted the draft as saying.

The document warns that the higher-risk environment was driven by “increased activity from hacktivists, cybercriminals and state-sponsored groups”, the FT said.

The European Commission did not immediately respond to a Reuters request for comment.

The draft document, due to be published next week and still subject to change, says there is “limited common understanding of which essential goods are needed for crisis preparedness against the backdrop of a rapidly evolving risk landscape”, the newspaper reported.

In March, the European Commission unveiled its EU Preparedness Union Strategy, urging member states to strengthen stockpiles of critical equipment and encouraging citizens to keep at least 72 hours’ worth of essential supplies in case of emergencies.

The strategy was designed to prepare the bloc for risks such as natural disasters, cyberattacks and geopolitical crises, including the possibility of armed aggression against EU countries.

(Reporting by Surbhi Misra in Bengaluru; Editing by Tom Hogue and William Mallard)