Euromines welcomes the issuing of the new EU’s Communication on “Tackling the challenges in commodity markets and on raw materials”.

In particular the sector welcomes the acknowledgement of the importance of raw materials for the growth of the European economy.

“At the heart of current developments lies a series of changes in global supply and demand patters as well as short term shocks in key commodity and raw material markets. The years 2002 to 2008 were marked by a major surge in demand for raw materials, driven by strong economic growth, particularly in emerging countries such as China. This increase in demand will be reinforced by the further rapid industrialisation and urbanisation in countries such as China, India and Brazil. China is already the largest consumer of metals in the world – its share of copper consumption, for example, has risen from 12% to about 40% over the last 10 years. Prices movements have been exacerbated by various structural problems in the supply and distribution chains of different commodities.”