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Venus Minerals chairman and Euromines president Mark Rachovides on Friday said that the European Union must step up its domestic production of critical raw materials to accelerate the green energy transition and reduce its dependence on Russian fossil fuels.

“According to a study commissioned by metals industry group Eurometaux, the EU’s target of zero emissions by 2050 will require around 35 per cent more copper and aluminium than it consumes today, while lithium demand could grow by 35 times,” Rachovides said.

“In addition, the region will need as much as 26 times more rare earth elements, while cobalt and nickel demand could rise by 330 per cent and 100 per cent, respectively,” he added.

Rachovides explained that while the EU recently announced a plan to stop importing Russian fuels by 2027, combined with increased use of renewable energy, Europe’s own domestic production of raw materials remains limited.

However, Rachovides noted that the momentum seems to be changing in favour of domestic production.

The EU has begun to accept that Europe needs to improve its access to raw materials in order to remain competitive in manufacturing and achieve its green transition objectives.

“One thing has become clear: Europe must act quickly to meet its rapidly approaching renewables and emissions targets,” he said.

“Especially considering that even if member states manage to convince environmental groups and local communities of the importance of stepping up raw material mining at home, new mines take years to be licenced and developed,” Rachovides concluded.

 

Council for Registration of Real Estate Agents president Marinos Kineyirou on Friday said the land registry’s property price valuation, valid until January 1, 2021, is mostly aligned with the average prices recorded on January 1, 2018.

“Only very small increases can be observed in the values ​​of houses and apartments, while in the case of fields and plots some decreases are also observed,” Kineyirou said.

“The biggest increases, which are also not significant, are observed in apartments and houses in the Limassol district,” he added.

Kineyirou said that the land registry’s valuation is a “very useful tool since every citizen can access the results of the assessment for the property they are interested in, for general information purposes, essentially only by pressing a button”.

Finally, Kineyirou stressed that the prices calculated by the land registry are primarily designed 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 profits.

The general Cyprus Stock Market Index was at 67.55 points at 13:05 during the day, reflecting a rise of 0.12 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 40.42 points, which represents an increase of 0.1 per cent.

The total value of transactions came up to €42,481.

In terms of the sub-indexes, the main index rose by 0.12 per cent, while the hotel index remained stable.

The alternative and investment firm indexes fell by 0.29 per cent and 1.48 per cent respectively.

The biggest investment interest was attracted by the Bank of Cyprus (+0.99 per cent), K+G Complex Public Company (no change), Demetra (-1.59 per cent), Petrolina (no change) and Vassiliko Cement Works (-1.54 per cent).

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