Together with Professor Allan Walton, Professor Paul Anderson, Professor Marika Taylor, David Kennedy, William Dawes, and John Speight, the Baroness was given a tour of HyProMag’s pilot plant for the recycling of rare earth magnet, which uses their ground-breaking, patented HPMS technology.
The teams from HyProMag Ltd and the University of Birmingham illuminated to the Baroness the strategic importance of rare earth elements for the UK– and indeed all decarbonising economies around the world– weighing supply chain risks, geopolitical developments and environmental concerns. Last year HyProMag was selected by the Minerals Security Partnership, a collaboration between 14 nations and the EU, as 1 of 20 strategic projects in the world that “will help to develop responsible critical mineral supply chains”.
The team highlighted the various strengths that the UK possesses in critical minerals, as well as the many obstacles that industry faces. At the top of that list was the need to streamline planning and permitting processes, as well as to offer energy subsidies and tax incentives to industry to foster an amenable business environment that attracts talent and capital.
Many thanks to Zain Hassain and Sam King for helping to organise this visit. The CMA (UK) was pleased to join the discussions and looks forward to continuing to engage with HM Treasury on the strategic importance of critical minerals research, innovation and business here in the UK.
In HM Treasury’s 2023 Autumn Statement, the Chancellor clarified “the government’s priorities for the UK Infrastructure Bank to ensure the Bank is able to invest in critical supply chains where it meets the Bank’s strategic objectives, including semiconductor manufacturing and critical minerals. The Bank is actively engaging with the relevant sectors and exploring opportunities in these markets.”
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