New UK-US partnership to drive investment and bolster critical minerals supply chains
The UK and US have signed a Memorandum of Understanding on critical minerals in Washington DC.
- New UK-US partnership will help secure supply chains of critical minerals, driving investment into UK projects.
- Partnership backs the UK’s Critical Minerals Strategy, helping to shore up supplies of everyday products like smartphones, laptops and fridges.
- Foreign Office Minister Seema Malhotra signed partnership with US Under Secretary of State Jacob Helberg at meeting of over 50 countries in Washington DC yesterday.
UK businesses are set to receive a major boost, as the UK and US sign a partnership to secure supplies of critical minerals which power everyday essentials like smartphones and fridges.
At a meeting of over 50 countries in Washington DC yesterday, Foreign Office Minister Seema Malhotra signed a Memorandum of Understanding with US Under Secretary of State Jacob Helberg to speed up efforts to secure the critical minerals needed to boost domestic production and power the industries of the future.
This partnership follows the new Critical Minerals Strategy published last November, backed by up to £50 million of new funding to turbocharge domestic production and processing in critical minerals.
Through the Strategy, the Government is taking decisive action to ensure no more than 60 percent of the UK’s supply of any one critical mineral is imported from any one country by 2035.
The new partnership will allow the UK and US to work closer together and encourage greater private investment in areas like mining and processing, helping crucial sectors like automotive, defence and clean energy in both countries get the minerals they need.
Foreign Office Minister Seema Malhotra said:
As demand for critical minerals around the world continues to rise, this Memorandum of Understanding with the United States underscores our commitment to working as close allies to build resilient, diversified global supply chains.
This is an important step in safeguarding long‑term economic growth at home and protecting the UK’s interests around the world.
Industry Minister Chris McDonald said:
We need critical minerals for everything – from the phones we use to the cars we drive. This partnership with the United States will boost minerals projects across Britain and drive new investment into businesses.
Our Critical Minerals Strategy stressed the importance of forming international partnerships to diversify our supplies of minerals, and this signing does exactly that.
This is the latest step the Government has taken to secure the UK’s supply of critical minerals, which are vital for economic growth, national security and powering the sectors of the future.
Yesterday’s signing adds to a growing list of countries the UK has signed critical mineral bilateral agreements with, including Australia and Canada.
The critical minerals sector contributes £1.79 billion to the UK economy and directly supports over 50,000 jobs, while there are currently more than 50 critical mineral projects based in the UK aimed at extracting and refining these vital materials.
Background:
See the Memorandum of Understanding here: UK and US sign Memorandum of Understanding on critical minerals - GOV.UK