European countries are to work more closely together in procuring and storing critical raw materials to reduce the European Union's dependence on China under plans revealed by European Commission President Ursula von der Leyen.
"We need to urgently procure and build up reserves," von der Leyen told EU lawmakers in Strasbourg on Wednesday.
"No country can do this on its own. So we need to think differently, and this is why we will establish a new European Corporation on Critical Raw Materials," von der Leyen said.
"It will help us obtain and stockpile what we need for electric cars, for chips and batteries, for clean tech and defence and so much more."
The issue was about the future of European industry as well as the continent's independence and security, von der Leyen said.
The EU currently relies on China for more than 80% of many critical raw materials, and for as much as 90% of some rare earths, according to EU figures.
China controls a large share of the processing of metals known as rare earths. They are essential, among other things, for the electronics industry and the production of electric cars and magnets. Lithium and cobalt are among the raw materials considered critical.