The UK government has approved the use of export finance to support overseas projects that supply critical minerals essential to major UK industries.
This new initiative, announced by the Chancellor, enables UK Export Finance (UKEF) to provide credit guarantees to projects overseas that source materials such as lithium, graphite and cobalt.
These minerals are essential for a wide range of UK industries, including electric vehicle manufacturing, renewable energy, and aerospace.
With growing global demand for critical minerals, this support is designed to help UK businesses secure reliable, long term access to these materials, thus lowering supply chain risks and boosting the UK’s industrial resilience.
Jonathan Reynolds, Secretary of State for Business and Trade, said: “There is intense global competition for critical minerals like lithium, tin and cobalt which are essential for industrial growth, British industries and our journey towards net zero.
“As the energy transition pushes demand to new highs, this financing offer will help UK companies to get a seat at the table, build international partnerships and secure their critical mineral needs.
“Helping exporters to access these vital resources will support UK industrial growth and our leadership in emerging technology.”
