It has been announced that UK Export Finance can now provide financial support for overseas projects that source critical minerals for use in major UK industries. This is great news for the sector and provides a mechanism for much-needed finance for overseas projects that supply critical minerals fuelling UK industrial growth and the net zero transition.
By securing contracts which increase and diversify UK access to critical minerals, it is hoped that this will help the UK to build economic resilience and lower the risk of supply-chain disruption in major industries like automotive, defence and aerospace.
‘Critical minerals’ are raw materials like lithium, graphite and cobalt which are essential to the UK’s largest exporting sectors. They are used in range of emerging and sustainable technologies like electric vehicles, solar panels and wind turbines.
Financing will be offered in the form of credit guarantees to overseas companies, helping them access debt financing for projects which supply UK exporters with critical mineral products – including both raw and processed materials.
More information is available here:
www.gov.uk/…
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