Last month the UK Government announced a £50 million investment to strengthen domestic critical minerals capabilities, helping to secure the materials needed for technologies ranging from smartphones and household appliances to electric vehicle batteries and clean energy systems.
The funding forms part of the Government’s Critical Minerals Strategy and aims to reduce reliance on overseas supply chains, improve economic resilience and support long-term industrial growth.
The programme will support companies working across the critical minerals value chain, including extraction, processing, recycling and advanced manufacturing. It is intended to boost innovation, attract private investment and create high-value jobs across UK regions.
The investment is being delivered through three key initiatives: a £20 million Magnet Hub to develop and scale rare earth magnet manufacturing and recycling; a £25 million Critical Minerals Accelerator to support collaborative innovation projects; and a £5 million Demand Aggregation Platform to help UK industries coordinate demand and secure strategic supplies.
Announcing the programme at Teesside’s Wilton Centre, Industry Minister Chris McDonald highlighted the importance of critical minerals to economic and national security. The announcement builds on more than £200 million of existing government support for the sector.
The Government states that the funding reinforces the UK’s ambition to develop resilient, sovereign supply chains for materials that underpin advanced manufacturing, clean technologies and future economic growth, while supporting regional development and strengthening the nation’s industrial capabilities.
