Europe’s untapped mining potential
In 2024, Europe’s precious metals market was valued at around $55.2 billion, with projections indicating a 7.1% CAGR that could push it past $102 billion by 2033 (IMARC Group). The broader non-ferrous and precious metal manufacturing industry is expected to generate €321.6 billion in 2025, growing at 6.2% CAGR over the past five years (IBISWorld).
Yet, Europe accounts for only 3–5% of global metals production while consuming 25–30%, revealing its heavy dependence on imports (Conexão Mineral). The shift toward renewables, EVs, and green tech makes securing domestic mineral supply more urgent than ever.
The Iberian Pyrite Belt: A hidden powerhouse
Stretching over 250 km from southern Portugal (Alcácer do Sal) to Seville, Spain, the Iberian Pyrite Belt is one of the world’s richest deposits of polymetallic sulfides (AP News).
- Over 2 billion tonnes of ore have already been mined, with more than 400 million tonnes still untapped.
- Total known resources include 9 Mt of copper, 15 Mt of zinc, 18 Mt of lead, 11 million oz of gold, and 1.037 billion oz of silver.
Active mines like Neves-Corvo and Aljustrel in Portugal continue to produce valuable concentrates:
- 220,000 tonnes/year of zinc concentrate
- 45,000 tonnes/year of lead concentrate
- Major new investments of €70 million aim to boost output and modernization
How mining could reshape European industry
1. Strategic autonomy
Developing Europe’s mineral reserves is critical to reducing reliance on imports, especially for critical minerals used in solar panels, EV batteries, and wind turbines. Though new discoveries, such as Sweden’s rare earth deposit of 1 million tonnes, show promise, most are years away from becoming operational (Reuters).
2. Industrial and economic revitalization
Reviving mining in Iberia can:
- Add billions of euros to GDP through refined metal production.
- Create thousands of direct and indirect jobs, especially in rural regions.
- Enhance local value chains from extraction to refining, reducing export of raw material and import of finished goods.
The EU’s mining and metallurgy sector employed over 370,000 people and generated €173.6 billion in 2022 (EUROSTAT).
3. Environmental innovation
With modern standards, mining can integrate with circular economy models. For instance, the UK’s Royal Mint recovers precious metals from 4,000 tonnes of e-waste annually, extracting up to 500 kg of gold, 2.5 tonnes of silver, and 50 kg of palladium (Financial Times).
Similar technologies and sustainability protocols could position Iberian mines as models for low-impact, high-value resource development.
📊 Key impacts of Iberian mining potential
+NR Ready to support European Minerals Demand
At +NR, we combine deep technical expertise with a holistic, forward-thinking approach to help Europe meet its growing demand for critical minerals. Our team specializes in complex trade-off studies for mining projects that require out-of-the-box thinking and modern, low-impact environmental solutions.
By unlocking the full value of the Iberian Pyrite Belt and other strategic regions, we help reduce Europe’s mineral dependency, accelerate the clean tech transition, and deliver long-term value — sustainably and responsibly.