A UK Government-commissioned assessment report on critical materials has revealed that increasing diversification is leading to greater vulnerability in supply chains.
The British Geological Survey has released the UK Criticality Assessment 2024, led by the UK Critical Minerals Intelligence Centre (CMIC).
The assessment is designed to aid policymakers in enhancing economic resilience and securing essential minerals for the UK’s economy and national security.
The latest assessment lists ten minerals as the most critical: cobalt, gallium, germanium, magnesium, niobium, phosphorus, rare earth elements, rhodium, ruthenium and tungsten.
Compared with the 2021 assessment, which identified 18 critical materials out of 26 assessed, the 2024 report has expanded the list to 34 critical minerals out of 82 candidates.
Critical minerals are integral to various products that are essential for energy, transportation, domestic and workplace environments, defence and healthcare.
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By GlobalDataThe Department for Business and Trade (DBT) commissioned the assessment as part of the CMIC programme for 2024, aiming to provide a comprehensive evaluation of supply disruption risks and their economic implications.
The methodology of the assessment incorporates a variety of metrics from reliable and publicly available data to quantify indicators and offer insights into the factors contributing to supply risk.
The findings are expected to inform a range of strategic initiatives including the establishment of stable trade relationships; the enhancement of recycling capabilities for a circular economy; investments in exploration, mining and processing; and the exploration of alternative materials.
CMIC director Gavin Mudd said: “This assessment confirms that the growing diversification of the UK economy – alongside the expanding reliance on global trade – brings an increasing vulnerability in terms of disruption to the supply of critical minerals.
“There are similarities to other criticality assessment lists across the world, but the demands and challenges facing the UK economy are dynamic and we need to match the demand for minerals with sustainable and reliable supply.”
