Critically important metals are found
Greece’s potential as a major source of elements used in energy transition attracts investors
Greece very likely has significant sources of metals and semimetals among the so-called “critical minerals” essential for the transition to clean energy, among other uses, officials at the Ministry of Environment and Energy believe.
This belief was reinforced a couple of weeks ago by an “enthusiastic” presentation by UK-based Rockfire Resources PLC about the potential of its asset in Molaoi, southern Greece.
The company had already announced last year that it had discovered deposits of germanium and gallium, two of the abovementioned “critical minerals,” in addition to lead, silver and zinc.
Germanium is used, among other things, in fiber-optics, infra-red optics, electronics and solar panels. Europe is dependent on imports and the main producer and exporter, China, has restricted exports for strategic reasons. It is rarely found concentrated, making extraction expensive.
Gallium can be extracted from bauxite, of which Greece has abundant deposits. Industrial conglomerate Mytilineos, which owns Aluminium of Greece, was asked by the EU to present the result of a pilot gallium extraction project, which it did. Mytilineos estimates that it could produce 40-45 metric tons of gallium annually, which would currently cover European demand.
Mytilineos is running two more pilot programs on bauxite residue, one for the production of scandium and one for use in the cement industry. Scandium, a rare-earth metal, can be used in lasers and, mixed with aluminum, in the aerospace and electrical vehicle industries. Globally, only 12-14 tons are extracted annually, but it is estimated that, because of the expansion of electric vehicle production, demand will soar to more than 100 times that by 2035.
In their presentation to Energy Ministry officials, Rockfire Resources managers said that they will conduct more exploratory drilling and, after summer, will begin their viability study of the discovered source. The Molaoi asset also contains silver.
Other promising sites for critical minerals include the island of Chios (antimonite), the region near Xanthi, in the northeast (bismuth – a metal with wide applications including electronics and as replacement of lead in ammunition) and the whole coast between the Halkidiki peninsula and Alexandroupoli, in northern Greece.
