The European Investment Bank (EIB) has announced €90 million in funding for METLEN Energy & Metals, supporting an extensive modernization program at the “Aluminium of Greece” facility. The investment aims to upgrade bauxite and gallium production, strengthening Europe’s supply chain with critical raw materials essential for its digital and climate-neutral future. The project includes modernization of bauxite mining, a key raw material for aluminum production, as well as the creation of a new gallium production unit, marking a significant step toward enhancing the European Union’s strategic autonomy in critical raw materials.
The investment is fully aligned with the objectives of the European Critical Raw Materials Act and contributes to reducing EU dependence on imports, strengthening the resilience and sustainability of European industrial value chains.
European Investment Bank Vice-President Giannis Tsakiris stated: “This investment represents a milestone for the European Union’s industrial policy and strategic autonomy. By supporting METLEN, the EIB is financing gallium production in Europe for the first time, enhancing supply security for critical raw materials essential for the green and digital transition. This is a project that combines industrial innovation, regional development and climate action, demonstrating how European investments can create substantial added value for the economy and society”.
EIB funding is provided within the REPowerEU framework, supporting investments that enhance European industry competitiveness and the energy transition.
The investments will be implemented at two locations in Central Greece:
- at METLEN’s bauxite mines in the Parnassus–Giona region, and
- at METLEN’s alumina and aluminum industrial complex (Aluminium of Greece) in Agios Nikolaos, Boeotia, where the new gallium production unit is already under development.
The project is expected to contribute substantially to job creation and retention, strengthening regional cohesion and reducing environmental footprint through more modern and sustainable industrial practices.
METLEN is one of the most significant vertically integrated aluminum producers and the largest bauxite producer in the European Union, operating dynamically in the energy and metals sectors in Greece and internationally.
Evangelos Mytilineos, Executive Chairman of METLEN, stated: “METLEN demonstrates in practice that it can play a leading role in shaping a resilient, green and competitive European industry. With EIB funding we confirm the strategic importance of our investment for Europe. We are implementing an emblematic project that decisively strengthens European self-sufficiency in critical raw materials, integrating gallium into industrial production within the European Union for the first time, while simultaneously enhancing regional cohesion and Greece’s industrial base.“
This funding represents the third collaboration between the EIB and METLEN, confirming the long-term and successful relationship between both parties.
