Christos Balaskas: "Abundance of Critical Raw Materials for Prosperity"
24.04.24
By Christos Balaskas*, Vice President, Commercial, Growth and External Relations, Eldorado Gold, President of Hellas Gold.
Navigating a constantly changing period, with the global economy bearing the weight of geopolitical uncertainty, the metals market appears with significant growth prospects, mainly due to their necessity for achieving green transition goals.
The shift towards renewable energy sources and electromobility has led to an increasing demand for mineral raw materials essential for the operation of electric vehicles and energy storage. Consequently, the rise in prices of key metals is inevitable. Specifically, for copper, which is a critical metal for the green transition, a sharp price increase is expected by 2025 due to the high demand for the construction of electric cars.
To meet this increased demand, mining companies face several challenges, such as intensifying production, supply, investment in research for new mining fields, and process optimization. However, to address the challenges and opportunities of the green transition, the sector must tackle institutional, operational, and social issues, with every process being conducted based on the principles of responsible mining activity.
New mining projects within European borders, particularly in Greece, will contribute to the strategic autonomy of the country and by extension Europe, provided they are implemented with the most stringent sustainable development criteria. Greece has significant deposits, such as the one in NE Halkidiki, which will make our country an important copper producer on European soil. By investing in such large-scale projects, we can, as a mining industry, reduce vulnerability to external market fluctuations and strengthen our resilience and ability to address challenges related to the rapidly evolving global economy. We have a long way to go, but we believe we are on the right path.
With the Critical Raw Materials Act (CRMA), the European Commission has set the framework for fortifying the critical raw materials supply chains, mitigating disruption risks, and promoting circularity. Simultaneously, the social acceptance of mining activity is crucial for the successful outcome of such investments. The long-standing resistance of public opinion—mainly due to inadequate communication about the value created—remains a central issue for the sector, observed in all its aspects. Through the implementation of responsible practices and cooperation with the state and local authorities, the mining industry has turned a new page. A key component of our strategy in this direction is our commitment to open, systematic communication with local communities. By promoting honest dialogue and collaboration with our stakeholders, we listen to and incorporate the concerns and proposals of local communities into our planning, ensuring that the long-term benefits of the project are understood, securing a future of unity and prosperity for all.
*Naftemporiki-Special Edition, 24/04/24.
