The UK Government unveils a new critical minerals strategy to reduce reliance on imports. The plan targets 10% of mineral demand through domestic production by 2035. Up to £50m in funding will boost projects to meet the goal.

China dominates critical mineral supply chains, impacting the UK’s reliance. Lithium production is a key focus, with a target of 50,000 tonnes within a decade. The UK aims to increase domestic production to reduce dependence on foreign sources for essential materials.

Prime Minister Starmer emphasizes the importance of critical minerals for national security and modern life. The UK’s vulnerability due to overseas suppliers prompts action to boost domestic production and support British businesses in competing globally.

The government invests £165m in UK critical minerals companies to strengthen the sector. Industry Minister McDonald highlights the need to secure supply chains and create jobs through domestic production, part of the Plan for Change initiative.

The UK plans to explore stockpiling options and participate in Nato’s Critical Mineral Stockpiling project. Critical minerals contribute £1.79bn to the economy and sustain over 50,000 jobs. The strategy receives support from mining and processing companies, offering a clear framework for investment and project acceleration.

Read more at Yahoo Finance: UK announces critical minerals strategy to cut import reliance