The UK and Canada have signed an agreement to co-operate on critical minerals such as cobalt and lithium that are essential to the economy. The rationale for this is to bolster vital technologies such as smart phones, solar panels and electric vehicles, and make supply chains more resilient as demand for certain minerals is thought to be expected to rise by as much as 500% by 2040.
The partnership was launched yesterday and should help make UK manufacturers of cutting-edge technologies more resilient to global shocks by promoting research and development between UK and Canadian businesses, driving innovation and growth. It is also a step forward toward a sustainable and secure clean energy ecosystem.
Canada is the UK’s 13th largest export partner and represents a large opportunity for UK mining and engineering firms, with the country currently producing 60 minerals and metals at 200 mines and 6,500 quarries.
A refreshed approach for delivering the Strategy is due to be published later this year.
Partner and Head of International Trade, Paul Browne, comments:
“In order for minerals to meet national business needs, this is a positive steps towards building more resilient supply chains for critical minerals and, consequently, strengthening our supply chains and helping to grow the UK economy in the process.
This apparent collaboration on the development of the critical mineral supply chains that we need to achieve our net-zero future also contributes towards global energy security, as well as economic opportunity and support jobs on both sides of the Atlantic.”