Societe Generale plans partial return to gold trading
The French bank resigned as a market maker for gold at the London Bullion Market Association in 2019.
Greek-based energy and metals group Metlen plans to start extracting critical mineral gallium from the raw materials to make aluminum in a new expansion program, it said on Thursday.
China has imposed restrictions on the exports of gallium, which is used in high-quality semiconductors and smartphones.
The company already processes bauxite from its own mines in Greece into alumina, which is further refined into aluminum.
The company plans to invest 295.5 million euros in an expansion that would boost alumina production to 1.27 million tons annually, from 865,000 tons currently.
It would launch gallium production in 2027 and eventually produce 50 tons a year.
“Metlen’s investment enables Europe to completely substitute gallium imports,” a statement said.
Last month, China banned exports to the United States of the critical minerals gallium, germanium and antimony that have widespread military applications.
The curbs strengthened enforcement of existing limits on critical minerals exports that Beijing began rolling out last year.
Last year, China has accounted for 98.8% of refined gallium production, according to consultancy Project Blue.
(By Eric Onstad and Lefteris Papadimas; Editing by David Evans)
Read More: Rio Tinto assesses potential for gallium production at Quebec operations
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