Following the conclusion of the ministerial meetings for the Minerals Security Partnership in London, the governments of the United States of America, Australia, Canada, Finland, France, Germany, India, Italy, Japan, the Republic of Korea, Norway, Sweden, the United Kingdom, and the European Union released the following statement.
In conjunction with London Metal Exchange (LME) Week 2023, the partners of the Minerals Security Partnership (MSP) convened a principals’ meeting today in the global centre of mining and metals finance. The primary aim of the meeting was to enhance cooperation between the MSP, partners who share similar views, and the international financial community, with a focus on responsible investment in important minerals. The meeting was co-chaired by Jose W. Fernandez, the U.S. Under Secretary of State for Economic Growth, Energy, and the Environment, and Nusrat Ghani, the United Kingdom’s Minister of State for Business and Trade.
The meeting brought together a number of business sector organisations, emerging minerals economy officials, and the 14 MSP partners. Attendees included representatives from the following countries: Australia, Brazil, Canada, European Commission, Finland, France, Germany, India, Indonesia, Italy, Japan, Kazakhstan, Mongolia, Norway, the Republic of Korea, Sweden, South Africa, the United Kingdom, Spain, and Zambia. Members of the financial community, such as Standard Chartered, ICMM, and the Church of England Pension Fund, joined MSP partners.
The MSP seeks to stimulate investments from the public and private sectors in order to create global critical minerals supply chains that are accountable, secure, and diversified. The MSP has released a public statement co-signed with private sector financiers that affirms the parties’ intention to deepen collaboration to drive responsible investment in critical minerals projects. This builds upon the MSP’s commitment to high environmental, social, and governance (ESG) standards in the global minerals sector, as expressed in the Principles for Responsible Critical Minerals Supply Chains. De-risking and funding vital mining projects that boost global output while encouraging supply chain diversification, preserving the environment, and improving local populations are vital roles for governments, project developers, and investors to play.
The MSP partners stated during the meeting that they are advancing the following projects that show a high level of ESG compliance, have the potential to help develop responsible critical mineral supply chains, speed up the global energy transition, and involve cooperation with pertinent governmental or financial agencies of MSP partners:
eleven projects involving the extraction and mining of minerals upstream, four involving the processing of minerals midstream, and two involving recycling and recovery;
Seven projects deal with rare earth elements, three with nickel, two with cobalt, one with manganese, two with copper, one with lithium as its primary emphasis, and three with graphite;
There are three initiatives in Europe, two in Asia-Pacific, five in the Americas, seven in Africa, and three in Asia.
The Chvaletice Manganese Project reprocesses manganese from mine tailings in Czechia to provide ethically produced manganese for the electric vehicle (EV) industry, thereby supporting the transition to a circular economy and aiding in site rehabilitation efforts. The project, which is being carried out by the Canadian business Euro Manganese, will generate high-purity electrolytic manganese metal that is required for the battery supply chain. Manufacturers of batteries, autos, and cathode active material (“CAM”) and precursor product (“pCAM”) are among the businesses from MSP partner nations creating offtake arrangements for the material. Financial support is being provided by the European Institute for Innovation and Technology (EIT) InnoEnergy and the European Bank for Reconstruction and Development. Through the MSP and their bilateral strategic relationship, the EU and Canada are involved in this project.
Twigg Exploration and Mining: To finance investments in the company’s graphite mining and processing operation in Balama, Mozambique, the Board of Directors of the U.S. International Development Finance Corporation (DFC) approved a loan of up to USD 150 million. With the loan, graphite output will rise and the global supply chain will become more diverse. Graphite is an essential material for many items related to clean energy and innovative technologies. With DFC’s backing, local infrastructure will be improved and jobs will be created, all the while upholding the strict social and environmental regulations that are necessary for ethical mining.
The U.S. Department of Energy loaned money to Twigg’s parent company, Syrah Resources, to finance the construction of the Vidalia graphite active anode material processing facility in Louisiana. This investment rounds out that loan. Working with a strong business sector partner, these activities constitute a critical contribution to the MSP and the U.S. critical minerals policy.
Periodically, this list will be updated.
Apart from the initiatives mentioned above, the MSP is consistently evaluating possible investment prospects in all qualifying markets that could facilitate the diversification of vital mineral supply chains and the advancement of the related infrastructure.
The MSP is still dedicated to supporting strategic projects and project developers who uphold the partners’ values by utilising the combined financial and diplomatic resources of its 14 partners. MSP partners intend to maintain their collaborative efforts with various non-MSP partners and business sector entities to enhance backing for these projects and mould the worldwide discourse on vital minerals supply chains.