Giazitzoglou (President of the Mining Association) to “N”: A National Mining Policy is an immediate need

The need to formulate a clear National Mining Policy, coupled with a firm commitment to long-term regulatory stability, is highlighted—among other factors—by the President of the Greek Mining Enterprises Association, Konstantinos Yazitzoglou, as a key prerequisite for attracting the capital required to develop Greece’s mineral wealth.

Speaking to Naftemporiki, Yazitzoglou stressed that “investments in extractive activities require significant time to mature and are highly capital-intensive. This implies a very high level of risk for investors. Uncertainty in areas such as spatial planning, licensing procedures and environmental obligations undoubtedly discourages investment. Moreover, investments in raw materials today carry not only economic but also substantial geopolitical significance. The recent hydrocarbons agreement is indicative of this.”

Regarding the evolution of the Critical Raw Materials Act (CRM Act) and Greece’s role within this framework, Yazitzoglou noted that “beyond bauxite and aluminium, which are already produced, and copper and gallium, which are expected to come on stream soon, Greece could also become a producer of antimony, nickel, cobalt, germanium and potentially certain rare earth elements. The deposits, technical expertise and scientific workforce are in place. However, all of this presupposes a serious and effective approach to addressing the sector’s challenges, both at European and national level—something we have yet to see. When the CRM Act was announced, we pointed out that it constituted a small first step. Unfortunately, Europe’s efforts have remained at that level. We do not expect solutions to emerge from this legislative framework; for those who question this view, the report of the European Court of Auditors clearly and comprehensively outlines its shortcomings.”

Sector performance and outlook amid the new Middle East crisis

According to the Association, 2025 was overall a positive year for the sector. Although full financial data are not yet available, the construction materials segment maintained its upward trajectory, metals benefited from higher prices, industrial minerals recorded modest but positive growth, while marble exports appear to be gradually regaining lost ground, particularly in Asian markets. Initial forecasts for 2026 were even more optimistic; however, given the ongoing turmoil in the Middle East, a degree of caution is now prevailing.

As the President of the Association noted, “so far, the impact has been indirect, stemming from higher energy costs and supply chain disruptions linked to attacks in the Red Sea. All these factors clearly undermine the EU’s competitiveness and increase uncertainty. Once again, we are reminded of the risks associated with the control of essential commodities such as oil by oligopolistic structures. It should be reiterated that in the case of mineral raw materials, market concentration is even higher than in oil. It is therefore evident that any transition in energy production technologies aimed at reducing dependence on oil must not result in a new dependency on another oligopoly controlling critical raw materials.”