The control of strategic raw materials both primary and secondary are the foundation of a prosperous and growing economy.
Whilst Europe and the UK were content over the past years to rely extensively on importation of strategically important materials, China successively secured key resources to support their manufacturing base and economy. With the demand in these materials forecast to rise fourfold by 2024 to assist the rapid develop of new technologies and those supporting clean energy we now find ourselves in the position that we import 100% of 24 of these key critical raw materials.
Feeling the full force of the volatility of recent geo-political events and the effect it had on our supply chains, the UK’s lack of strategic planning was laid bare. In 2023 the much maligned and short-lived Truss/Kwarteng Government promoted the ideals of this strategic thinking even setting up a Critical raw material committee. The idea perhaps lost in the mayhem that ensued during their demise has now been taken up by industry who has through an open letter late last year to the New Government urged renewed action on the subject.
Therefore, I was hopeful that the announcement from the Government of the “steel deal” to protect British Steel manufacturing, allowing for a change of production technology to electric arc furnaces meaning that our local “scrap metal” can be now used in the UK instead of exported, is an early sign of action and not just words.
There is a lot of talk of protectionism in the world today, but ensuring that we identify the sources of strategic secondary or primary raw materials, ensure that we capture them and then feed them back into a more UK based circular economy to support industry and growth is a form of protectionism that is positive on all fronts.
