United Kingdom – According to £15 million in government financing for leading edge research to reinforce supply of crucial resources, tons of rare earth elements—important for technologies such as electric vehicles, wind turbines, and smart phones—could be recycled in the future.
A group of vital minerals known as rare earth elements is utilized in everything from washing machines to the engines of electric cars. They are essential to the economy since they are used to make essential components for goods like laptops and airplanes. However, because of complex supply networks and unstable markets, the majority of crucial minerals come from a small number of nations. Because of this, the government is working to support UK businesses in establishing resilient and sustainable access to essential minerals. This makes UK employment and industries exposed to market shocks and geopolitical developments.
CLIMATES programme
With the £15 million in financing, Innovate UK will start the CLIMATES programme, which will help researchers and companies nationwide advance their work on rare earths. This will help with research and development, collaboration with international partners, initiatives to detect and support future skill needs, and advances in the recycling of rare earth elements. The program will also try to attract more private funding for initiatives to create dependable supply chains for these crucial materials.
Production of key minerals
By 2040, it is anticipated that production of all key minerals will increase dramatically, by as much as 500%. By encouraging significant investment in associated businesses, the government is trying to ensure that the UK establishes a solid presence in this expanding industry.
Pensana opened the first magnet materials refinery in the UK in East Yorkshire in July 2022. The $145 million plant will create hundreds of employment and play a significant role in the country’s electric vehicle supply chain. The first significant lithium refinery outside of Asia would be built in Teeside, according to a November 2022 announcement from Green Lithium. The Automotive Transformation Fund of the government backs both investments.
By collaboration with the British Geological Survey, the government is also utilizing the UK’s unrivaled knowledge in relation to crucial minerals data. By giving policymakers access to the most recent data and analysis on supply, demand, and market dynamics, they are carrying out the mission of the Critical Minerals Intelligence Centre (CMIC), which was established to increase the resilience of important mineral supply chains.
