Portugal's Strategic Push for Copper: A Key Player in the Green Transition

Portugal's government is finalizing a strategic plan to explore for critical raw materials essential to the green transition. While lithium has been a focus, copper is now seen as taking on a more significant role. The plan, set to be presented on July 22, aims to ensure greater security and reduce dependence on imports, with potential new concessions.

Portugal's government is in the final stages of developing a strategic plan to explore critical raw materials necessary for the green transition, Environment and Energy Minister Maria da Graca Carvalho announced on Monday. Copper is expected to play a more critical role than lithium in this new plan.

Carvalho highlighted Portugal's abundance of critical raw materials, including copper, which is essential for electric vehicles. The country is home to the European Union's largest copper mine, operated by Lundin Mining, and has substantial lithium deposits under development. She stressed the importance of copper in the green transition alongside lithium.

The strategic plan, set to be unveiled on July 22, will outline production areas for various critical raw materials, potentially leading to new concessions. Europe is seeking to enhance security and reduce reliance on imports from countries like China. While Portugal's previous government planned to auction lithium prospecting licenses, environmental and social concerns have caused delays. The new government's decision will depend on the upcoming strategic plan and scientific data.

(With inputs from agencies.)