Oliver Richards
In this context, the UK is actively developing partnerships in the field of critical minerals both in Mongolia and Central Asia.
Oliver Richards, who heads the Critical Minerals and International Relations Department at the UK Department for Business and Trade (DBT), presented a report on the outlook for global supplies of critical minerals and strategic engagement with Mongolia. This information was published by MiddleAsianNews.
He emphasized that currently, global supply chains for critical minerals are highly concentrated, and demand for them is expected to increase significantly in the coming years. This is due to the development of clean energy technologies, electric vehicle production, and modern manufacturing methods. As a result, demand is projected to soon exceed supply.
▪️ In light of this situation, the UK is implementing a 10-year strategy for critical minerals aimed at enhancing the resilience and security of supplies. The main directions of the strategy include:
- meeting 10% of domestic demand through domestic production,
- ensuring 20% through recycling,
- guaranteeing that no more than 60% of critical mineral supplies come from one country.
The UK is also aiming to create a more transparent and sustainable market for critical minerals. This intention will be achieved through international cooperation, improving supply chains, facilitating access to financing, and developing research capabilities.
▪️ As part of its efforts, the UK has signed memorandums of understanding with Kazakhstan (2023), Mongolia (2024), Uzbekistan (2025), and Kyrgyzstan (2025) to expand cooperation in the field of critical minerals.
▪️ The memorandum with Mongolia promotes cooperation in areas such as geological studies, resource mapping, compliance with ESG standards, and financial support mechanisms.
London continues to be an important financing hub in the mining industry and capital markets, providing a powerful ecosystem for investments, supply chain partnerships, and technological cooperation with resource-rich countries like Mongolia.
