UK announces critical minerals strategy to cut import reliance

Core Points - The UK Government has introduced a critical minerals strategy to reduce reliance on imported minerals, aiming for 10% domestic production and 20% recycling by 2035 [1][2] - The strategy includes a funding boost of up to £50 million for critical minerals projects, addressing the UK's heavy dependence on foreign sources, particularly from China [2][5] - Lithium is a primary focus, with a target of at least 50,000 tonnes of domestic production within the next decade, as demand is projected to increase by 1,100% by 2035 [2][3] Domestic Production and Recycling - The strategy aims to cap import exposure, ensuring that no more than 60% of any single critical mineral is sourced from one country [1] - The government has already invested over £165 million in UK critical minerals companies to enhance domestic production and recycling efforts [4] National Security and Economic Impact - The strategy is framed as essential for national security, as critical minerals are vital for technologies like electric vehicles and wind turbines [3][5] - The government plans to explore stockpiling options and continue participation in NATO's Critical Mineral Stockpiling project to further secure supply chains [6]