How to make European Metals Great(er) Again? [James Watson, RAW MATTERS #10]
A mine without a refinery is just a hole in the ground.
Time to dive into the refining – and broader midstream – side of Europe’s mine-to-cleantech supply chains. Let’s not beat about the bush: Europe’s metal sector is under serious pressure. So how do we move from surviving to thriving?
In this new RAW MATTERS episode, hosts Peter Tom Jones and Julia Poliscanova welcome James Watson, Director General of European Metals, for a no-nonsense discussion on the current state and future of Europe’s metals sector.
🔥 What we unpack in this episode:
1. Europe’s midstream problem – and why it matters
Refining is the choke point of the entire value chain, where China’s dominance really hurts (from lithium to copper, from nickel to aluminium). Yet margins are collapsing, global competition is fierce, and even industry leaders are questioning the viability of European smelters (cf. Trafigura’s CEO Richard Holtum at the EIT RM Summit)
2. A dangerous disconnect across the value chain
We connect the dots between:
• Upstream: limited domestic mining & fragile sourcing
• Midstream: struggling refining capacity and pCAM/CAM production
• Downstream: an automotive sector under pressure
3. Europe is leaking its own resources
Scrap. Black mass. Secondary materials. The paradox of the circular economy: while Europe talks recycling, strategic materials are flowing out of the continent.
“China sucks away the scrap from our urban mines, starving our smelters,” says Watson.
4. Policy ambition vs. industrial reality
CRMA. NZIA. Circular Economy Act. IAA.
Europe excels at setting ambition – but execution lags behind. Two years in, progress on strategic projects is… underwhelming. And the clock is ticking. Will Europe miss the bus?
💡 The core message?
Critical raw materials are not just commodities.
They are synchronisation assets – linking mining, refining, manufacturing, energy, defence, and finance. And Europe’s real challenge is not geology. It’s governance, coordination, and industrial courage.
🎧 If you care about Europe’s industrial future, this is one you cannot miss.
