Swedish Export Credit Agency Calls for State-Backed Financing Across Critical-Mineral Supply Chains

Highlights

• EKN's policy brief urges export credit agencies to guarantee long-term financing for mining, processing, refining, and recycling projects private lenders avoid.
• IEA data shows a stark mismatch: outside China, announced mining capacity could hit 50,000 tonnes by 2035, but separation capacity lags at under 40,000 tonnes and downstream magnets at only 18,000 tonnes.
• The IEA estimates $60 billion is needed over the next decade to diversify magnet rare earth supply chains, with nearly half required in refining alone.
• Public critical-mineral commitments in advanced economies reached roughly $65 billion in 2025, but actual disbursements remain far behind pledges.
• Strategic option value of Western refining and metallization plants is not captured by conventional project finance, making state support essential for supply chain resilience.