The UK hosted a Principals' meeting of the Minerals Security Partnership (MSP) for the first time ever in London yesterday (10 October), which focused on boosting responsible investment and sustainable finance in critical mineral supply chains.
Industry Minister Nusrat Ghani co-chaired the historic meeting of the MSP at the London Metals Exchange together with US Under Secretary for Economic Growth, Energy and the Environment Jose Fernandez yesterday afternoon.
The MSP is a group of 14 partners - representing over 50 percent of global GDP - that aims to catalyse public and private sector investment in responsible critical mineral supply chains globally.
Minister for Industry and Economic Security Nusrat Ghani said:
By 2040, the world will need four times more critical minerals than it does today. There's a global rush towards securing these, so it is vital we secure them for the UK supply chain to support both our economy today and jobs for the future.
I was honoured to co-chair the latest Minerals Security Partnership meeting with Under Secretary Fernandez as we seek to boost investment in critical minerals and secure our supply chains for the long term.
Jose Fernandez, US Under Secretary for Economic Growth, Energy and the Environment said:
We have to work together to ensure that wherever there is new development of critical mineral projects, there is also fairness: respect for communities and host governments, local value addition and economic development and environmental protection.
At the meeting yesterday, MSP partners confirmed that they are driving forward a range of projects which will help to develop responsible critical mineral supply chains, including:
- 11 projects in upstream mining and mineral extraction, four projects in midstream minerals processing, and two projects in recycling and recovery - including a UK-based recycling technology led by HyProMag, commercialising rare earth magnet recycling (
