The Government has outlined its Critical Minerals Strategy covering the materials that are used in communications, critical infrastructure, defence, renewable energy, transport and life sciences.
Without them, industries would shut down overnight and communities would not be able to function.
In the UK alone, the Government anticipates that between now and 2035 yearly demand for copper will almost double, while demand for lithium will increase by 1,100%.
As economies across the globe undertake the green transition, the demand for these minerals will only increase as their energy sources and transport systems become increasingly reliant on low-carbon technology.
The global market has increasingly seen concentrated processing and mining supply chains in recent years. Such concentration means that the supply chain is particularly vulnerable to shocks such as natural disasters, war or geopolitical fallout.
The Government has said it recognises the huge opportunities on offer for both critical minerals industry and the vital growth sectors it serves and is setting out a strategy to both take advantage of those opportunities and guard against the dangers of shortages or disruption.
William Bain, Head of Trade Policy, said: “If the UK is to keep its place at the table of the world’s biggest and most developed economies then it must diversify and improve its supply chain security.
“Advanced manufacturing needs guaranteed sources of the critical metals and minerals needed to drive the UK’s long-term economic growth.
“In today’s world, it makes sense to reduce dependency on single countries as sources of imported critical minerals.
“Investing in the UK’s own supply chains where we can, like lithium in Cornwall, also reduces economic and geopolitical risks.
“For other key supply chains in batteries, electronics and electric vehicles the commitment to limit single country reliance to 60% by 2035 means we must seek out new agreements. These should be with likeminded partners such as the US, the EU, Greenland, Chile and Canada.
“We should also make the most of our role within the Comprehensive and Progressive Agreement for Trans-Pacific Partnership to futureproof supply chains with other trade partners.”
