£50m in critical minerals - Britain's investment to reduce import dependency
Britain will invest 50 million pounds to boost domestic production of critical minerals, the government said on Monday, as it seeks to reduce dependence on concentrated global supply chains and strengthen economic resilience.
The funding will support projects across the extraction, processing and recycling sector, aiming to secure materials used in products ranging from smartphones and fridges to electric vehicle batteries. The move builds on more than £200 million pledged to the sector.
Industry Minister Chris McDonald was set to launch the program during a visit to an industrial research center in northeast England, where companies are developing technologies for recovering and processing metals.
Britain is stepping up efforts to secure supplies of critical minerals as demand grows and China maintains a dominant position, accounting for around 70% of rare earths mining and 90% of refining.
Recent progress includes the opening of Britain's first commercial rare earth magnet plant in 25 years, operated by the HyProMag unit in Birmingham, which uses recycled materials to produce magnets for electric motors and other technologies.
Britain has also sought to diversify access through partnerships with allies, including the United States and South Korea, focusing on cooperation in supply chains, processing capacity and investment flows.
The new funding will be split into three pillars, including £20m for a rare earth magnet centre, £25m for an accelerator programme to help scale up projects and up to £5m for a platform to gather industry demand and unlock private investment.
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