The Critical Minerals Strategy has been published to help secure supply of vital minerals for industry, including the construction industry
The critical minerals investment builds on a previous announcement of £200m in support for projects producing critical minerals, designed to secure supply and reduce reliance on imports.
The construction industry utilises a number of critical minerals, including those used in aggregates, copper, aluminium, and silicon.
Securing supply chains
The investment and the Critical Minerals Strategy are intended to help domestic production of critical minerals, helping create a more secure supply chain and reducing the need to import them, in turn supporting the economy and protecting it from global shocks and disruption.
This is further expected to reduce the cost of production and therefore the cost to developers and construction companies.
Every step of production will be supported by the investment, from extraction to processing and recycling, and manufacturing will also receive upgrades as more cutting-edge technology is bought. It is also anticipated that this will help facilitate private investment.
Three pillars will make up the funding programme:
- Magnet Hub: £20m to establish a world-class national facility to develop, test and scale up rare earth magnet manufacturing, alongside skills and training capabilities.
- Critical Minerals Accelerator: £25m to support collaborative projects across extraction, processing and recycling of critical minerals, accelerating innovation and commercialisation opportunities.
- Demand Aggregation Platform: a new up to £5m platform to help UK industry consolidate and pool its critical mineral demand across different industries, unlock investment and secure supply through strategic partnerships.
“Important steps to strengthen the critical minerals sector”
Industry minister Chris McDonald said: “Critical minerals are vital for our national security, and this targeted funding will support companies in ramping up domestic production, helping to create new jobs and opportunities in local communities, whilst building more resilient supply chains.
“Through our Critical Minerals Strategy, we’re leveraging Britain’s mineral wealth, attracting new investment and forming dynamic relationships with partners across the world to boost our economic security.”
Founder of the Critical Minerals Association Jeff Townsend said: “The UK Government has taken important steps to strengthen the critical minerals sector. As attention turns from policy development to delivery, it is encouraging to see the £50m grant programme being used to accelerate strategically important UK projects as they reach maturity.”
CCO and co-founder of DEScycle and co-chair of the Circular Economy Working Group at the UK Critical Minerals Association, Fred White, said: “We are nearing construction completion of our world-first demonstration facility, with key equipment installed ahead of commissioning.
“Our disruptive technology is reshaping how the UK views e-waste, transforming its treatment into a sovereign form of urban mining and Teesside’s world-leading industrial heritage, skilled workforce makes it the ideal location for our facility, deploying infrastructure directly supporting the UK’s Critical Minerals Strategy.”
The Critical Minerals Strategy can be read in full here.
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