RIYADH: France launched a preparatory framework to establish an investment fund dedicated to developing its mining industry. The fund’s main target will be to secure the country’s strategic supply of minerals and metals, le Figaro reported.

With a global move away from fossil fuels and into electrical power, France and Europe will depend less on fossil fuels and more on minerals, according to a report by Philippe Varin, CEO of Suez Group and former chairman of France Industrie.

Europe, and France in particular, have great ambitions in taking part in the global energy transition, but the country depends entirely on external sources for its supply of minerals, mainly Republic of the Congo and China, according to the report.

France will be home to three mega factories producing batteries used in the production of electric cars. These factories are part of an overall plan to build 38 factories across Europe.

As part of the France 2030 economic plan, the Ministry of Finance will launch a call for projects worth €1 billion ($1.1 billion) to strengthen the country’s industrial sector.

The Ministry of Finance, also referred to as Bercy, stated: “It is still too early to define geographies or countries in which to invest.”

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