Business Secretary Grant Shapps has today (Wednesday 11 January) agreed to deepen the UK’s collaboration with the Kingdom of Saudi Arabia on critical minerals, putting the government’s ambitions for building more resilient critical minerals supply chains into clear action.
The partnership paves the way for means the UK and Saudi Arabia to work together on diversifying sources of critical minerals, both through Saudi investment in the UK’s world leading manufacturing and mining finance sectors as well as new opportunities for UK mining firms to do business in Saudi Arabia. This is also important in ensuring the UK’s critical mineral supply chains are not overly reliant on any one country, with supplies currently dominated by China.
The government continues to invest in schemes supporting more resilient critical mineral supply chains, including support for the UK’s first-ever magnet materials refinery in East Yorkshire, announced in July 2022. Pensana’s £145 million facility will secure hundreds of jobs and form an important part of the UK’s electric vehicle supply chain.
Pensana plc (LON:PRE) explores and mines neodymium, praseodymium, and rare earth minerals. The company is looking to establish the world’s first fully sustainable magnet metal rare earth oxide producer at the Saltend Chemicals Park in the Humber Local Enterprise Partnership Yorkshire, UK.