Greece unearths hidden treasure with potential to transform Europe’s energy future

The Australian company Rockfire uncovers a polymetallic deposit in Greece, featuring critical elements for Europe’s technological advancement and energy transition, drawing international attention

A significant development in Greece’s mining sector might potentially reshape Europe’s supply chain of critical raw materials, crucial for the continent’s energy transition and high-tech industries.

This development, spearheaded by the Australian company Rockfire, has caught the attention of American investors and industry analysts, signaling Greece’s emerging role in reducing global reliance on China for essential raw materials.

Rockfire’s exploratory drilling in Molaoi, Greece, has uncovered a rich polymetallic deposit. The findings include zinc, lead, and notably, germanium – a vital component in advanced technologies and renewable energy applications.

This discovery aligns with Europe’s goal of strategic autonomy in critical raw materials, reducing dependence on imports, primarily from China.

Rockfire’s director, David Price, has expressed excitement about the potential impact of these findings.

“Rockfire continues its drilling operations day and night at the Molaoi deposit,” Price stated, emphasizing the project’s promising prospects. He highlighted the ‘very positive results’ that are set to significantly enhance the project’s value.

These breakthroughs have spurred the Greek Ministry of Environment and Energy (YPEN) into action, accelerating their exploration program for other potential sites.

This initiative is integral to the European “Critical Raw Materials” strategy and aims to bolster Europe’s self-sufficiency in the energy and digital sectors.

YPEN is gearing up to launch two additional competitions in 2024, focusing on areas thoroughly researched by the Greek Geological and Mining Research Authority (EAGME).

The spotlight is on the Keramos area in Chios, known for antimony indications, and the Kimmeria Xanthi area, earmarked for exploring copper and bismuth – another crucial metal for the energy transition.

In a parallel advancement, the Greek company Mytilineos has emerged as a significant European player in the sector. As the only integrated company in this European field, Mytilineos has captivated EU attention for its potential to produce gallium.

This strategic metal is essential in products linked to the energy transition, from semiconductors to mobile phones.

Source: Newsroom