Britain and Australia: Agreement on Supply of Important Minerals

Elaf from London: Britain and Australia have signed a joint agreement to secure the future of important mineral resources and open a new British consulate in Perth.

Britain’s Indo-Pacific Minister Anne-Marie Trevelyan met Australian Resources Minister Madeleine King in Perth on Tuesday, where they signed a letter of intent and discussed how to secure supplies of minerals that would provide a net-zero future.

The deal, signed amid growing geopolitical competition for resources, is part of the UK’s strategy to diversify global supply chains for key metals such as lithium used in electric car batteries.

Speed

“Essential minerals will be a driving force in the world’s journey to net zero, and the UK and Australia are digging deep for future supplies of the materials that will power our phones, cars and countless other aspects of modern life,” Trevelyan said.

“Australia’s unrivaled manufacturing capacity, combined with the UK’s expertise in minerals trading and finance, will boost global supply, help protect supply chains from future shocks and support thousands of skilled, high-paying jobs,” he added.

Important minerals

The International Energy Agency projects that global demand for critical minerals will quadruple by 2040 as demand for electronics and battery technology permeates every aspect of the modern economy.

Thanks to the Greenbushs mine, 210 kilometers (131 miles) south of Perth, Australia will produce only 40 percent of Australia’s lithium by 2021.

At the same time, the London Metal Exchange continues to be a global center for metals trading and financing, and is a leading specialist in UK processing and a leading broker for international contracts.

Environmental standards

“Both countries will work together to promote the highest environmental, social and governance standards in key mineral markets,” Trevelyan said.

The Oceans Minister visited Rio Tinto’s operations center in Perth and met with the chairman of the world’s largest bulk export port in Port Hedland and Paul Atherley, chairman of Alchemy. North East of England.

It will officially open Britain’s new embassy in Perth, with a pledge on Tuesday that underlines the UK’s commitment to building diplomatic and economic ties across the entire Australian continent.