The government is investing £50 million in critical minerals projects across the UK to increase domestic production and reduce reliance on imports.
The funding builds on a previous £200 million investment in the domestic production of critical minerals, which are essential for everyday projects such as smartphones, fridges, and electric vehicles.
The Department for Business and Trade (DBT) says the funding will boost domestic production, support high-value jobs and reduce the UK’s reliance on overseas imports, helping to protect the economy from global shocks and supply disruptions.
The government’s Critical Minerals Strategy aims to support British companies to accelerate the extraction, processing and recycling of critical minerals, while investing in manufacturing capability and attracting private investment into the UK.
The funding programme will be delivered through three pillars:
- Magnet Hub: £20 million to establish a national facility to develop, test and scale up rare earth magnet manufacturing, alongside skills and training capabilities.
- Critical Minerals Accelerator: £25 million to support collaborative projects across the extraction, processing and recycling of critical minerals.
- Demand Aggregation Platform: a new, up to £5 million platform to help the UK industry consolidate and pool its critical mineral demand across different industries.
Commenting on the announcement, 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.”