The United States, along with its partners, is actively engaged in 15 projects aimed at securing critical mineral supplies necessary for electric vehicles and the energy transition, as revealed by a senior US official on Thursday.
The Minerals Security Partnership (MSP), established last year by 14 governments, is committed to ensuring sufficient access to minerals such as lithium and rare earths in order to meet zero-carbon objectives.
“We are currently exploring 15 projects across five continents, encompassing various stages from extraction to processing,” stated Jose Fernandez, the US State Department’s Under Secretary for Economic Growth, Energy, and the Environment, during a briefing in London. “Our intention is to finalize some deals within the coming months.”
While he refrained from divulging specific company details, Fernandez did mention that at least one of the projects is located in Britain.
The MSP, co-hosted by Britain, will convene next week during the London Metal Exchange (LME) Week, a prominent industry gathering.
Fernandez emphasized that the MSP’s goal is to facilitate collaborations among private companies and provide assistance with financing, including support from trade banks such as the US government’s Export-Import Bank (EXIM).
The remaining MSP members consist of the European Union, Canada, Australia, France, Germany, Italy, Sweden, Finland, Norway, Japan, India, and South Korea.
Regarding critical minerals mined or processed in Britain, Fernandez expressed confidence that the United States would reach an agreement enabling them to qualify for US clean vehicle tax incentives.
On Monday, Fernandez expressed optimism about reaching a similar agreement with the European Union, and Washington had already signed a minerals agreement with Japan in March.
“These discussions are intense, and they are ongoing. We fully expect them to culminate in an agreement,” Fernandez affirmed.
The US Inflation Reduction Act offers a $7,500 tax credit for electric vehicles purchased in the US, provided a percentage of critical battery minerals are sourced either domestically or from a free trade partner.
