UK industry minister Sarah Jones has signed a minerals cooperation partnership with Saudi Arabia, potentially generating £8.6 billion in new trade. The deal aims to strengthen supply chains for critical minerals, attracting Saudi investment into UK companies and supporting UK companies operating in the Kingdom.
UK industry minister Sarah Jones is currently in Riyadh to formalize a minerals cooperation partnership with the Saudi government. This agreement has the potential to generate £8.6 billion in new trade. Jones is leading a trade mission comprising 16 UK critical minerals companies at the 2025 Future Minerals Forum, attended by Mining Journal.
Jones emphasized the importance of securing supplies of these critical minerals in the global race for economic growth and in an increasingly uncertain world. She stated that the UK's critical minerals strategy will be instrumental in supporting the country's industrial strategy by providing the necessary materials for its cutting-edge sectors.The partnership aims to strengthen UK-Saudi cooperation in developing critical minerals supply chains. This will be achieved by attracting Saudi investment into UK companies and by supporting UK companies operating within the Kingdom. The agreement is part of the UK's newly introduced Critical Minerals Strategy, designed to enhance international collaboration and secure mineral supplies for the UK. UK companies, including Cornish Lithium, Beowulf Mining, and Cornish Metals, are showcasing their offerings at the forum. The UK government plans to launch its critical minerals strategy this year. The strategy will prioritize bolstering international partnerships with key players to strengthen the UK's supply chains and national security. It will also support economic growth through the creation of new jobs and opportunities, a crucial aspect of the government's plan for change. Furthermore, the strategy aims to accelerate the development of modern sectors like artificial intelligence (AI) and clean energy.The UK Department for Business and Trade (DBT) has highlighted the significance of critical minerals, emphasizing their role in a wide range of everyday products, from smartphones and laptops to washing machines. They are also essential for driving economic growth and powering the UK's modern sectors, such as AI and clean energy. The DBT further stated that ensuring a secure supply of critical minerals will be vital in delivering the government's industrial strategy, anticipated to be published this year. Many of the strategy's key growth sectors, including advanced manufacturing and clean energy, rely on a consistent supply of minerals for producing goods like electric vehicles and wind turbines. The DBT also anticipates that a new trade agreement could increase bilateral trade with the Gulf region, including Saudi Arabia, by 16%, adding an extra £8.6 billion annually to trade in the long run
CRITICAL MINERALS UK SAUDI ARABIA TRADE INVESTMENT SUPPLY CHAIN INDUSTRIAL STRATEGY FUTURE MINERALS FORUM
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