Minister for Industry (): Today I am announcing the
scope of the Government's new £50m Critical Minerals Programme,
first announced in the UK's Critical Minerals Strategy last year.
In line with the Strategy, this programme will help strengthen
the UK's supply chain resilience and security and support
economic growth across the UK.
Critical minerals are essential to modern industry and to many of
the growth-driving sectors identified in the Industrial Strategy,
including clean energy, advanced manufacturing and defence. The
Government's strategy sets out clear ambitions to increase
domestic production of critical minerals, boost recycling, and
reduce our dependence on concentrated international critical
mineral supply chains. This new programme is an important part of
delivering against our ambitions and will complement wider
government support, including through the National Wealth Fund,
UK Export Finance and other existing funding routes, as well as
more competitive energy costs and streamlined planning and
permitting to support industry.
The programme is structured around three pillars. First, we will
provide up to £20 million for a Magnet Hub to establish a
national facility to develop and support the scale up of rare
earth permanent magnet manufacturing capability in the UK, while
also supporting skills and training in this specialised and
crucial field. Second, we will provide up to £25 million through
a Critical Minerals Accelerator to support collaborative projects
across extraction, processing and recycling of critical minerals,
helping innovative businesses move towards commercial scale.
Third, we will take forward a Demand Aggregation Platform,
designed to help industry consolidate demand, unlock investment
and secure supply through strategic partnerships.
Taken together, these measures will help grow domestic capability
and optimise domestic production across the UK critical minerals
value chain, harnessing our competitive advantage in recycling
and midstream processing alongside our distinct pockets of
mineral wealth. The programme aims to accelerate
commercialisation, create high-value jobs, and attract investment
in areas where the UK has these competitive strengths.
Further programme details and guidance will be published on
GOV.UK as the individual pillars open and progress. The Magnet
Hub competition will be launched first, followed by the Critical
Minerals Accelerator, and market engagement on the Demand
Aggregation Platform later in the summer.
