What are Critical Raw Materials?
Critical Raw Materials (“CRMs”) are mineral commodities that are economically important, and at risk of supply disruption by a number of factors, including rapid demand growth, high concentration of supply chains in particular countries, and/or high levels of price volatility. They are essential for technologies which will “enable decarbonisation of the global economy, such as electric vehicles and renewable energy infrastructure”. Presently, the UK is producing none of the 18 CRMs – including Cobalt, Lithium, Tungsten and Tin – it has deemed to be highly critical, although a report from the British Geological Survey alludes to the extraction potential across many areas of the UK. Meanwhile, China is the largest producer globally of 12 of those minerals. However, there are various domestic projects, at different stages of development, and in particular a number of these are in Cornwall and Devon. The UK is also seeing an increase in the number of planned downstream and recycling facilities, including Pensana’s proposed rare earth processing hub in Saltend and Ionic’s proposed magnet recycling plant in Belfast.
Pensana plc (LON:PRE) explores and mines neodymium, praseodymium, and rare earth minerals. The Company’s flagship assets are the Saltend rare earth refinery project in the United Kingdom and Longonjo neodymium and praseodymium (NdPr) Project in Angola.
