EIB study: Europe must boost mineral exploration tenfold to meet CRMA goals

Scope and key findings

The European Investment Bank commissioned a technical study, prepared with Aurum Exploration Limited, which concludes Europe has significant geological potential but decades of underinvestment have left too few exploration projects ready to move towards mining.

The study focuses on exploration—the riskiest stage of the value chain—and notes very low conversion rates: roughly one in 10,000 early prospects and one in 1,000 more advanced projects become operating mines.

Investment gap and policy targets

Current mineral exploration spending in the EU is estimated at about €0.2 billion a year; the study estimates this needs to increase to around €2 billion a year over the next five years to support the EU’s Critical Raw Materials Act aim that at least 10% of annual consumption come from domestic extraction by 2030. Today the EU attracts only 3% of global exploration budgets (2024), compared with 20% for Canada and 16% for Australia.

Barriers and recommended actions

Identified barriers include complex, fragmented permitting and long approval times, incomplete geological mapping, limited public awareness, too few small explorers able to take early-stage risk, and insufficient financial incentives. Recommended measures are simpler and more predictable permitting, strengthened public geoscience, targeted financial incentives to mobilise private capital, and measures to support innovation and a stronger mining ecosystem.

Technology and implementation

The study highlights modern tools—remote sensing, artificial intelligence and advanced geological modelling—and the potential to recover critical materials from historic mine waste. It also notes the EIB Group approved a Critical Raw Materials Strategic Initiative in March 2025 to scale financing, create a one‑stop shop and support project development.