In order to achieve zero-carbon goals, the Minerals Security Partnership (MSP), which was established by 14 governments last year, wants to assure sufficient supplies of minerals like lithium and rare earths.
Jose Fernandez, the assistant secretary for economic growth, energy, and the environment at the U.S. State Department, said during a briefing in London that “we’re now looking at 15 projects on five continents, ranging from extraction to processing.”
Our goal is to close a few deals over the next months.
Although he indicated at least one of the projects is in Britain, he declined to provide further information on the companies involved.
He also said that the MSP, which would be co-hosted by Britain, will convene the following week during the LME Week trade show.
According to Fernandez, the MSP intends to promote business partnerships between private firms and aid in financing, including from trade institutions like the Export-Import Bank (EXIM) of the United States government.
The European Union, Canada, Australia, France, Germany, Italy, Sweden, Finland, Norway, Japan, India, and South Korea are the other MSP members.
In order to qualify for U.S. clean vehicle tax credits, vital minerals must be mined or processed in Britain, according to Fernandez, who expressed confidence that the United States would reach an agreement on this matter.
On Monday, Fernandez stated that Washington was hopeful about reaching such an agreement with the EU and that Washington had inked a deal with Japan on minerals.
We are certain that those discussions will lead to an agreement since they are serious, ongoing, and intense, according to Fernandez.
If a portion of crucial battery materials are derived from the United States or a free trade partner, the U.S. Inflation Reduction Act offers a $7,500 tax credit on electric vehicles (EVs) purchased in the country.