UK opens applications for $34M critical minerals fund

The UK government has opened applications for its £25 million ($34 million) Critical Minerals Accelerator, offering grants to help bring critical minerals extraction, processing and recycling projects to commercialization.Run by the Department for Business and Trade, the program will provide grants of between £150,000 and £3 million ($200 and $4 million) to projects nearing their commercial stage but requiring support to de-risk their technology or demonstrate commercial viability. Successful projects are expected to reach commercialisation by March 2030.The Critical Minerals Accelerator represents half of the £50 million ($67 million) committed under the UK’s Critical Minerals Programme, launched in June. The broader initiative aims to reduce Britain’s reliance on overseas supply chains, strengthen economic resilience and support long-term industrial growth by 2035.The program also supports companies involved in extraction, processing, recycling and advanced manufacturing while encouraging innovation, creating high-value jobs and attracting private investment.Broader strategyAlongside the accelerator, the programme includes a Magnet Hub to establish a national centre for rare earth permanent magnet manufacturing, testing and skills development, and a Demand Aggregation Platform to consolidate industry demand, support offtake agreements and unlock private investment.The accelerator is intended to support projects that strengthen the security of critical minerals supply, improve economic resilience and build domestic production capacity while advancing a more circular economy through recycling, recovery and reuse of critical minerals.The program forms part of the UK’s strategy to meet 30% of critical mineral needs at home by 2035, Aas global competition for critical minerals intensifies.Weiter zum vollständigen Artikel bei Mining.com Weiter zum vollständigen Artikel bei Mining.com