{"id":52345,"date":"2024-10-31T11:51:28","date_gmt":"2024-10-31T11:51:28","guid":{"rendered":"https:\/\/www.innovationnewsnetwork.com\/?p=52345"},"modified":"2024-10-31T11:51:28","modified_gmt":"2024-10-31T11:51:28","slug":"uk-approves-use-of-export-finance-to-source-critical-minerals","status":"publish","type":"post","link":"https:\/\/www.innovationnewsnetwork.com\/uk-approves-use-of-export-finance-to-source-critical-minerals\/52345\/","title":{"rendered":"UK approves use of export finance to source critical minerals"},"content":{"rendered":"
Securing contracts that increase the UK\u2019s ability to source critical minerals\u00a0will help the UK build economic resilience and lower the risk of supply-chain disruption in major industries like automotive, defence, and aerospace.<\/p>\n
Critical minerals are raw materials like lithium, graphite, and cobalt, which are essential to the UK\u2019s largest export sectors.<\/p>\n
They are used in emerging and sustainable technologies like electric vehicles, solar panels and wind turbines.<\/p>\n
Financing will be offered through credit guarantees to overseas companies<\/a>, helping them access debt financing for projects that help UK exporters source critical minerals, including\u00a0raw and processed materials.<\/p>\n UKEF is expected to work with other ECAs and public financial institutions to finance eligible projects and support investment in new supply routes.<\/p>\n This would make it easier for UK manufacturers to secure contracts with critical mineral suppliers in countries with vast mineral deposits, including Australia, which holds large lithium deposits<\/a>.<\/p>\n Jonathan Reynolds, Secretary of State for Business and Trade, explained: \u201cAs 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 critical minerals.<\/p>\n \u201cHelping exporters to access these vital resources will support UK industrial growth and our leadership in emerging technology.\u201d<\/p>\nBuilding a raw materials supply chain in the UK<\/h3>\n