Ann: Development Progress - Lindi Jumbo Mine, page-2907

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EU Critical Raw Materials Act In November 2023, the EU reached a provisional agreement on the European Critical Raw Materials Act (“CRMA”, which will be enacted in early 2024, to diversify supply of critical raw materials for the EU. The CRMA will strengthen self-reliance of critical raw materials by setting an objective of extracting 10% of the EU’s annual consumption of critical minerals within the EU, processing 40% of the EU’s annual consumption of processed critical materials within the EU and sourcing no more than 65% of the EU’s annual consumption of any strategic raw material at any stage of processing from any single non-EU member country by 2020. Natural graphite is one of 17 strategic raw materials and 34 critical raw materials identified in the CRMA due to its economic importance and risk of supply disruption. The CRMA also encourages greater co-ordination across EU Member States in the development of strategic partnerships with non-EU member countries to source critical raw materials and to simplify, as well as accelerate, permitting of critical raw material mining and processing projects.