In 2022, EU President Ursula von der Leyen announced the Critical Raw Materials Act (CRMA), citing a need to “build up strategic reserves where supply is at risk.” Under the CRMA, 60 mining projects–47 within the EU and 13 outside the EU–have been designated “strategic project” status, granting them fast-tracked permitting procedures and privileged access to financing in the name of securing Europe’s supply of critical metals.
But these projects are facing growing scrutiny and public backlash. Mining is a highly water-intensive industry, yet several of these mines are planned for water-stressed regions in Spain, Portugal, and Greece, sparking resistance from local communities. In Sweden, residents of mining towns face displacement. And the European Commission has denied advocates’ demand for environmental review of sixteen EU mining approvals. Despite these unresolved issues, the EU (and the companies that stand to benefit) continue to push these projects forward, seeking to overturn laws that stand in their way.
Amid the global metals rush, new players have entered the mining industry—including Minova, a firm with ties to the EU President’s brother, Donatus Albrecht. Albrecht is a partner at Aurelius Investment Advisory, a branch of the German private equity firm Aurelius that acquired Minova Global in 2022. Minova is a mining equipment company with a history of collaboration on EU-backed projects. The connections between Minova, the EU, Albrecht, and von der Leyen, raise questions. Among them: will conflicts of interest arise if the President’s brother should stand to benefit as European regulators fast track mining approvals and financing?
The communities affected by mining projects deserve transparency. Who benefits from the EU’s rush for these precious metals? Is it, as CRMA supporters claim, in the best interest of all? Or will a small class of elites push reckless extraction for their own gain?
There may be no simple answer to this question, but the prospect of extraordinary profits for some, acute environmental and social impact for others, all under a regime of reduced transparency and review, makes Aurelius’s entry into Europe’s gold rush a major story.
In coming articles, we will examine Aurelius’s connections with CRMA’s controversial rollout and the laws being altered to make way for the mining industry.
Europe Declared a Gold Rush
In 2022, EU President Ursula von der Leyen announced the Critical Raw Materials Act (CRMA), citing a need to “build up strategic reserves where supply is at risk.” Under the CRMA, 60 mining projects–47 within the EU and 13 outside the EU–have been designated “strategic project” status, granting them fast-tracked permitting procedures and privileged access to financing in the name of securing Europe’s supply of critical metals.
But these projects are facing growing scrutiny and public backlash. Mining is a highly water-intensive industry, yet several of these mines are planned for water-stressed regions in Spain, Portugal, and Greece, sparking resistance from local communities. In Sweden, residents of mining towns face displacement. And the European Commission has denied advocates’ demand for environmental review of sixteen EU mining approvals. Despite these unresolved issues, the EU (and the companies that stand to benefit) continue to push these projects forward, seeking to overturn laws that stand in their way.
Amid the global metals rush, new players have entered the mining industry—including Minova, a firm with ties to the EU President’s brother, Donatus Albrecht. Albrecht is a partner at Aurelius Investment Advisory, a branch of the German private equity firm Aurelius that acquired Minova Global in 2022. Minova is a mining equipment company with a history of collaboration on EU-backed projects. The connections between Minova, the EU, Albrecht, and von der Leyen, raise questions. Among them: will conflicts of interest arise if the President’s brother should stand to benefit as European regulators fast track mining approvals and financing?
The communities affected by mining projects deserve transparency. Who benefits from the EU’s rush for these precious metals? Is it, as CRMA supporters claim, in the best interest of all? Or will a small class of elites push reckless extraction for their own gain?
There may be no simple answer to this question, but the prospect of extraordinary profits for some, acute environmental and social impact for others, all under a regime of reduced transparency and review, makes Aurelius’s entry into Europe’s gold rush a major story.
In coming articles, we will examine Aurelius’s connections with CRMA’s controversial rollout and the laws being altered to make way for the mining industry.