The concentration of global control over natural resources and its implications for Europe were at the centre of discussions at an event organised by Voria.gr. The panel, titled "The mineral wealth of northern Greece: challenges and prospects", took place on Monday at Thessaloniki's Electra Palace Hotel, bringing together leading industry executives.
Mark Rachovides, Honorary President of the European Association of Mining Industries (Euromines), pointed to global imbalances in mineral resources, arguing that Europe should rethink its mining strategy by prioritising cooperation, reciprocity and trade.
"We must change, we must understand that we cannot produce what we want today, but to acquire it," he said, adding that while Europe "may have the geology, but we do not have the capacity to use it". He contrasted this with China, which he said has "enormous advantages in technology" and has "covered an incredible technological gap".
According to Rachovides, fragmentation among EU member states limits coordinated action. "We are 27 countries, and each has its own perspective… which do not always coincide," he said, calling for greater coordination and more effective use of resources. He proposed strengthening trade and reciprocity, suggesting Europe should seek "something in return" for access to its market.
He pointed to cooperation with Australia, Greenland and Canada on graphite production as producing "optimistic results", but emphasised that investment remains crucial: "without money we cannot go anywhere." He also noted that Europe holds "trillions of euros" in savings that are not being invested.
Rachovides further identified 'brain drain' as a major challenge, stating that highly skilled professionals, including those in artificial intelligence, are leaving Europe for the United States in search of better funding and faster development prospects.
Konstantinos Yazitzoglou, President of the Greek Mining Enterprises Association, also noted that China, controlling around two-thirds of global production of critical raw materials, has implications for both Greece and the European Union. Yazitzoglou criticised what he described as a longstanding perception in the West that minerals are easily accessible, emphasising that their extraction requires both energy and advanced technologies, even if these processes are less publicly discussed.
He noted that Europe's historical growth began as a coal-and-steel community, while suggesting that reliance on external resources, including from Africa, shaped its development. He argued that stricter European safety standards should encourage more domestic production, stating that "we should demand… that minerals are produced in Europe".
As an example of market concentration, he cited a Canadian antimony mine that once accounted for 5% of global output, which was later acquired by Chinese interests and subsequently closed, contributing to price increases. He compared this to the Organisation of the Petroleum Exporting Countries, noting that the oil cartel controls around one-third of global production, while China holds a larger share across multiple raw materials.
Regarding Greece, he stated that the country already produces aluminium and bauxite, and expressed hope that by the end of 2026 it could also produce copper and gallium, the latter potentially covering "100% of European needs". However, he described current progress as insufficient, partly attributing delays to EU-level policies and bureaucracy.
He also expressed doubts about the EU's plans to reduce dependency on China for raw materials by 10% by 2030. At the national level, he highlighted lengthy permitting procedures, stating that if licences take up to 20 years, "we do nothing".
By Maria Ritzaleou and Kostas Kechagias - adapted from Greek by Vassia Barba
