06 Mar, 2023: The UK and Canada have reached a significant agreement to collaborate on critical minerals like cobalt and lithium, which are crucial to the economy and are utilised in almost all contemporary and sustainable technologies, ranging from solar panels to electric vehicles.
The collaboration between Business and Trade Minister, Nusrat Ghani (MP) and Canadian Minister of Natural Resources, Jonathan Wilkinson aims to enhance the resilience of UK manufacturers of advanced technologies in the face of global uncertainties as the demand for specific critical minerals is anticipated to rise significantly up to 500% by 2050.
The declaration was made during Minister Ghani’s five-day trip to Canada, where she engaged in discussions with Canadian government officials regarding important minerals and participated in the International Mines Ministers Summit and the final session of the Toronto Stock Exchange.
Talking about this agreement, Minister for Business and Trade, Nusrat Ghani (MP) said, “Every single one of us depends on critical minerals to make the technology we use in our everyday lives. With a dash for minerals to meet national business needs, it is essential we work to build more resilient supply chains for critical minerals”.
She was also quoted saying, “Through this Dialogue, we will work with one of our closest global allies in Canada to build and strengthen our supply chains and boost innovation, securing jobs and growing the UK economy in the process”.
Canadian Minister of Natural Resources, Jonathan Wilkinson also commented, “By collaborating on the development of the critical mineral supply chains that we need to achieve our net-zero future, we can reinforce global energy security, advance the fight against climate change and ensure significant economic opportunity and support good jobs on both sides of the Atlantic. Today’s announcement is a step forward toward a sustainable and secure clean energy ecosystem”.
The Canadian market offers significant potential for mining and engineering companies in the UK, as the country has around 200 mines and 65,00 quarries producing 60 minerals and metals, thus facilitating the UK to bolster its green tech industry.
Minister Ghani will unveil the Critical Minerals Statement of Intent and Dialogue during the 2023 Prospectors and Developers Association of Canada Convention, which will also pledge Canada and the UK to adhere to rigorous environmental, social and governance standards in the critical minerals supply chains.
The collaboration between the nations will not only drive innovation and economic growth but will also promote responsible resource extraction and environmental protection. As we navigate the challenges of the 21st century, it is encouraging to see nations working together towards a common goal of achieving a greener and more sustainable future for all.
