Europe remains vulnerable in the critical raw materials sector, Morgan Stanley (MS) notes in its analysis, estimating that €16 billion in investments will be required through the CRMA.
Based on its analysis of gaps in European supply chains, the bank estimates that the EU remains exposed to more than 50% of strategic raw materials, while acknowledging that Metlen can make a significant contribution. At the same time, it notes that the company is among the few that can translate the CRMA’s goals into actual production capacity.
MS, meanwhile, identifies Metlen as the most significant short-term investment opportunity among European companies expected to benefit from the EU Critical Raw Materials Regulation, highlighting its unique role in strengthening European capabilities for the processing and metallurgical treatment of critical raw materials.
The investment is expected to nearlydouble bauxite production capacity, significantly increase alumina production, and create the first industrial-scale gallium production facility in Europe.
According to Morgan Stanley’s estimates, Metlen’s gallium production project could contribute approximately €100–150 million in annual EBITDA starting in 2028, while benefiting from significant public financial support and particularly attractive financial terms.
The MS report highlights that Metalen’s planned gallium production, amounting to 50 MT per year, will account for approximately 5% of global supply, helping the European Union become self-sufficient—and potentially a “net exporter”—of gallium.