UK’s Industry Minister Nusrat Ghani is visiting Mongolia to enhance the UK’s critical minerals supply chains, the Department for Business and Trade announced on Monday. The primary objective is to unlock opportunities for UK mining businesses and promote the UK’s minerals supply chain.
As Mongolia has a significant mining sector with deposits of gold, copper and coal, Ghani’s visit aims to strengthen trade and investment ties between the UK and Mongolia, with a particular focus on the critical minerals supply chain. By 2040, global demand for critical minerals is expected to quadruple, making it crucial to secure these resources.
Minister Ghani is scheduled to meet with various Mongolian government leaders, including the Deputy Prime Minister and the Minister for Economic Development. She will also engage with the Mongolian private sector and business community to understand their challenges and explore opportunities for collaboration.
One of the most anticipated meetings is with representatives of Rio Tinto, one of the world’s largest mining companies, which has invested heavily in Mongolia. Discussions are likely to focus on how UK companies in the critical minerals supply chain can benefit from Rio Tinto’s investment.
Minister Ghani will also promote the UK’s capabilities in renewable energy and other sectors related to the critical minerals supply chain. The UK intends to offer export finance to support large-scale infrastructure projects in Mongolia, to reduce fossil fuel dependency and build a sustainable future.
The visit is closely related to the historic meeting of the Minerals Security Partnership (MSP) group, which took place during London Metals Exchange Week. This partnership aims to encourage responsible investments in critical minerals supply chains globally, and the UK hosted this meeting for the first time.
Source : trans.info