Mineral extraction and refining

The UK’s supply chain supports clean growth and sustainable development of resources. Underpinned by UK mining corporates’ world class capability in responsible mineral development and supporting strategies that create long term economic prosperity while protecting biodiversity, and the environment.

The UK is a leading mining finance and trading hub. There is a growing domestic extraction industry, with companies exploring and developing critical mineral projects across the UK supported by the Department for Business and Trade.

Opportunity highlights

Mining heritage

The UK’s experience in mining and niche high quality equipment sectors, mean companies operating here can potentially capture a significant share of the global market. UK companies also have expertise in initial scoping studies through all phases of feasibility and detailed mine design, including construction, operation, and also mine closure.

Critical raw materials and clean growth

Clean growth and future mobility ambitions are driving the global demand and price for high technology metals. The World Bank predicts that production of minerals, such as graphite, lithium and cobalt, could increase by nearly 500% by 2050, to meet the growing demand for clean energy technologies.

There are opportunities for inward investment to develop new projects and technologies, often supported by Innovate UK grant funding. This includes investment in the UK’s indigenous resources and in the midstream processing and refining sector.

Freeports offer opportunities for the UK to develop as a critical minerals processing hub supplying Europe and beyond.

Commercial maturity

Many UK mining supply chain companies have been utilising our renewable energy to build high quality and low emission equipment for decades. There is an opportunity to fill some capability gaps.

World leading capabilities across the full mining lifecycle include finance, legal, environmental management, engineering consultancy, exploration and mine operation, infrastructure development, emissions reduction, clean energy, high tech equipment, and solutions for remediation and mine closure.

Key UK assets

Cornwall

Cornwall has a rich history of mineral extraction. Over 110 companies are supporting a growing mining cluster, including exploration and development companies.

Businesses based in Cornwall have access to industry ready graduates from universities in the area. These include the University of Exeter Camborne School of Mines and the Plymouth University School of Geography, Earth and Environmental Science in Devon.

London

London is the centre of global mining finance, it is home for 171 metals and mining companies and accounts for 21% of the total market capitalisation of all listed mining companies worldwide.

4 of the 10 largest publicly traded mining companies are listed in London. This presence has attracted world leading mining consultancies and service companies, resulting in a global centre of excellence supported by an extensive supply chain.

Global metals trading and pricing

The London Metal Exchange (LME) is the world centre for industrial metals trading. The prices agreed on their 3 trading platforms are used as the global reference price. Both the metal and investment communities use the LME to transfer or take on risk, 24 hours a day.

Legal and regulatory environment

Global mining companies continue to choose the UK’s legal and regulatory systems for its stability, clarity, and ability to attract investment. Many UK based institutions also support the development and implementation of international standards for mining.

Freeports

The freeports at Teesside and Humber have attracted the interest of mine development companies, looking to site critical mineral processing close to battery manufacturing facilities. The brownfield sites with freeport advantages, have support from a strong academic and industry innovation sector. They are also close to key export and domestic battery and automotive manufacturing centres.

R&D capability

The Institute of Materials, Minerals, and Mining (IOM3), supports innovation through the promotion and development of the materials cycle. UK Research and Innovation (UKRI), UK Catapults, Innovate and other UK government funded organisations encourage innovation within the UK mining sector.

The UK has over 170 universities and higher education institutes, with 4 of its universities ranked in the global top 10.

They have world-class geoscience, minerals and materials and engineering research centres. They also work with corporate research institutes to conduct pure and applied research across the mining industry and its supply chain.

There are 2 specialist mining colleges in the UK, the University of Exeter Camborne School of Mines and the Royal School of Mines, now part of Imperial College, London. The University of Exeter has a pioneering new research centre, examining how crucial metals are extracted, used, and reused in clean and digital technologies across the UK.

Business and government support

The UK government is investing £12 billion as part of its Ten Point Plan to support green jobs and transition to net zero by 2050.

The mining sector can capitalise on green opportunities incentivised by the government, such as supplying high-tech metals required for novel battery technologies.

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