30.07.2022
Venus Minerals Chairman and Euromines President Mark Rahovides said on Friday that the European Union should increase domestic production of critical raw materials to accelerate the transition to clean energy and reduce its dependence on Russian fossil fuels.
“According to a study by steel industry group Eurometaux, the EU’s zero-emission target by 2050 will require about 35% more copper and aluminum than is consumed today, and lithium demand could grow 35 times,” said Rahovides.
“In addition, the region will need 26 times more rare earths, and demand for cobalt and nickel could grow by 330% and 100%, respectively,” he added.
Rahovides explained that while the EU recently announced a plan to end Russian fuel imports by 2027, coupled with greater use of renewable energy, Europe’s own domestic production of raw materials remains limited.
However, Rahovides noted that the dynamics seem to be changing in favor of domestic production.
The EU has begun to recognize that Europe needs to improve access to raw materials in order to remain competitive in production and achieve the goals of a transition to a green economy.
“One thing has become clear: Europe must act quickly to meet its rapidly approaching renewable energy and emissions targets,” he said.
“Especially given that even if Member States manage to convince environmental groups and local communities of the importance of stepping up the extraction of raw materials in the country, it will take years to obtain a license and develop new deposits,” Rahovides concluded.
Marinos Kineiro, President of the Council for the Registration of Real Estate Agents, said on Friday that the valuation of real estate in the land registry, valid until January 1, 2021, basically corresponds to the average prices registered on January 1, 2018.
“Only a very small increase can be seen in the value of houses and apartments, while there is also a slight decrease in the case of fields and plots,” Kineiro said.
“The largest increase, which is also negligible, is in apartments and houses in the Limassol area,” he added.
Kineiro said the land cadastre valuation is “a very useful tool, since every citizen can access the valuation results of the property of interest for general information purposes, in fact, just by pressing a button.”
Finally, Kineiro stressed that land registry prices are primarily intended to assist the state in its tax collection efforts and cannot be used for other purposes, including purchases, sales, investments, loans or expropriations.
The Cyprus Stock Exchange (CSE) ended Friday, July 29 with a profit.
The overall Cypriot stock market index stood at 67.55 points at 13:05 during the day, reflecting an increase of 0.12% from the previous trading day.
The FTSE/CySE 20 Index stood at 40.42, up 0.1%.
The total transaction value was 42,481 euros.
As for the sub-indices, the main index rose by 0.12%, while the hotel index remained stable.
The alternative and investment firm indices fell 0.29% and 1.48%, respectively.
Bank of Cyprus (+0.99%), Public Company K+G Complex (no change), Demetra (-1.59%), Petrolina (no change) and Vassiliko Cement Works (-1.54% for year).
