Britain launched a comprehensive strategy on Friday to reduce its reliance on foreign suppliers of critical minerals essential for electric vehicles, renewable energy, and defense systems, setting ambitious targets to boost domestic production by 2035.
The government aims to source 10% of its critical mineral needs from domestic extraction and processing, and another 20% through recycling within the next decade. The plan targets at least 50,000 tonnes of annual lithium production by 2035.
Prime Minister Keir Starmer framed the initiative as essential to national security, saying Britain has depended too long on a handful of overseas suppliers. The strategy seeks to ensure no single country provides more than 60% of any critical mineral by 2035.
Sponsored · Mercado Minerals Ltd.
China dominates global supply chains for these materials, controlling 70% of rare earth mining and 90% of refining capacity. This concentration has left Western economies vulnerable to supply disruptions and price volatility.
Britain aims to rebuild a mining industry it spent decades dismantling. The country’s coal production peaked in 1913 at 287 million tonnes but collapsed to just 107 thousand tonnes by 2024, while employment in mines fell from 1.2 million workers in 1920 to 360 in 2022. Cornwall’s last tin mine closed in 1998, and the nation’s final coal-fired power plant shut down in September 2024. Britain now extracts mainly construction materials rather than the strategic minerals it needs.
The government allocated up to £50 million for critical minerals projects, supplementing existing commitments through the National Wealth Fund and UK Export Finance. Earlier investments include £31 million for Cornish Lithium to advance extraction projects in southwest England.
Britain currently produces just 6% of its critical mineral requirements domestically. Demand for lithium will surge 1,100% by 2035, while copper demand will nearly double, according to government projections.
Sponsored · Altamira Gold Corp.
The strategy focuses on lithium, nickel, tungsten, and rare earths — materials vital for smartphones, wind turbines, semiconductors, and defense applications. Regional development will center on Cornwall’s lithium and tungsten deposits, with additional focus on County Durham, Teesside, and Wales.
Industry leaders welcomed the framework as overdue strategic direction. Jamie Airnes, CEO of Cornish Lithium, said the plan provides clarity for accelerating domestic capability and attracting investment.
Lithium prices dropped 75% in 2024, while cobalt, nickel, and graphite fell 30-45%, creating uncertainty for investors. The government’s financial backing aims to offset these risks for strategic projects.
Britain signed bilateral mineral cooperation agreements with nine countries, including Canada, Australia, Kazakhstan, and Saudi Arabia. The strategy emphasizes building partnerships with like-minded nations to diversify supply chains while maintaining engagement with China.
The initiative aligns with Britain’s broader Industrial Strategy and commitment to reduce greenhouse gas emissions by 81% by 2035 from 1990 levels.
Information for this story was found via the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
