UK 2024 materiality assessment announced

The latest UK Criticality Assessment, published by the BGS-led UK Critical Minerals Information Center (CMIC), focuses on the vulnerability to mineral supply disruptions in the UK's increasingly diverse economy. The analysis is intended to support policymakers in building economic resilience and securing minerals critical to the UK economy and national security.

Critical minerals are essential to a wide range of products we rely on for energy, transportation, home and work life, national defense and health care. This assessment was commissioned by the Department of Business and Trade (DBT) as part of the 2024 CMIC programme.

A criticality assessment is similar to a risk assessment in that it aims to assess the likelihood of disruption to mineral supplies and the resulting economic impact. Indicators are quantified through a variety of relevant indicators derived from reliable and publicly available data. Through this methodology, the assessment provides insight into the various factors contributing to supply risk.

Tungsten (W): Used in hard metals for cutting tools such as drill bits, superalloys, defense equipment, and industrial catalysts. BGS UKRI.

Cobalt (C0): Used in the manufacture of superalloys, magnets, cemented carbides, and rechargeable batteries, including hybrid and electric vehicles. BGS UKRI.

Ferro-niobium: Niobium (Nb) is used in alloys such as high-strength low-alloy steels used in car body manufacturing. BGS UKRI.

Apatite: A mineral containing phosphorus. Phosphorus (P) is used in plastics, the food industry, water and metal treatment, and pharmaceuticals. It is also used in fertilizers and alloying agents. BGS UKRI.

Bauxite is a sedimentary rock containing germanium. Germanium (Ge) is used in infrared optics, fiber optics, and satellite solar cells. It is also used in solid-state electronics and semiconductor manufacturing. BGS UKRI.

Nickel (Ni): Used in stainless steel, alloys, secondary batteries, plating, etc. BGS UKRI.

Rutile: A mineral containing titanium. Nearly 80% of titanium (Ti) is used in dyes and pigments. The remaining 20% ​​is mainly used in the aerospace, medical and automation sectors. BGS UKRI.

The assessment is based on data used in a variety of areas, including:

Diplomatic efforts to secure stable trade relationships Supporting improved recycling capabilities as part of a more circular economy Additional investments in exploration, mining and processing Pursuing alternative materials

Dr Gavin Mudd, director of the Critical Minerals Intelligence Centre, said the assessment showed that the supply chains the UK relies on to support economic activity are becoming increasingly complex.

This assessment confirms that the increasing diversification of the UK economy, coupled with its growing dependence on global trade, is increasing its vulnerability in terms of disruption to the supply of critical minerals.

While there are similarities to other criticality lists around the world, the demands and challenges facing the UK economy are dynamic and require matching demand for minerals with sustainable and reliable supply.

Dr Gavin Mudd, Director of CMIC.

I welcome the Critical Mineral Intelligence Centre's assessment which shows that sustainable supply of critical minerals is more important than ever.

That's why next year we must launch a new Critical Minerals Strategy to help secure our supply chains for the long term and develop the green industries of the future.

Sarah Jones MP, Minister for Industry.

UK Importance Assessment 2024: Ranking of the 10 most important minerals Material Uses 1 Niobium (Nb) alloys such as high-strength, low-alloy steels used in car body manufacturing 2 Cobalt (Co) superalloys, magnets, superalloys and rechargeable battery manufacturing, including hybrid and electric vehicles 3 Rare earth element (REE) magnets and catalysts. It is also commonly used in high-tech devices such as smartphones and electronic displays, and is also used in defense technology. 4 Germanium (Ge) infrared optics, fiber optics and satellite solar cells. It is also used in solid-state electronics and semiconductor manufacturing. 5 Magnesium (Mg) Used in transportation, packaging, construction and as a desulfurization agent. It is used in products that benefit from its lightweight properties, such as automotive parts and cameras. 6 Phosphorus (P) Plastics, food industry, water and metal processing, pharmaceuticals. It is also used in fertilizers and alloying agents. 7 Ruthenium (Ru) Used to make electronics, chemicals, electrochemicals, and electronic contacts with a high level of wear resistance. It is also commonly used in chip resistors and solar cells. 8 Tungsten (W) Hard metals for cutting tools such as drill bits, superalloys, defense equipment and industrial catalysts 9 Gallium (Ga) Integrated circuits, optoelectronics, sensors and magnets. This includes the manufacturing of solid-state electronics, semiconductors, and fiber optic systems. 10 Rhodium (Rh) Catalyst used in automotive catalytic converters and the chemical industry

The 2024 UK Criticality Assessment identified 34 minerals as critical out of 82 candidates assessed. This is an increase compared to the 2021 evaluation, where only 26 candidates were evaluated and 18 were evaluated as critical.

Importance Matrix. BGS Ukraine

Of the 18 minerals classified as critical in the 2021 list, 17 remain significant in this new assessment. Palladium is now below the threshold, and additional minerals of note in 2024 include nickel, iron, germanium, aluminum and chromium (plus others). The new list reflects the increased scope of assessments and advances in the methodologies used.

CMIC director Dr Gavin Mudd said the research highlighted the UK's diverse economy, driven by the rise of clean energy technologies such as wind turbines and electric vehicles and advanced manufacturing applications.

In particular, as the UK continues its efforts to decarbonise its economy, we are seeing significant changes across a number of minerals as coal-fired power stations are retired and new technologies are put into use. This brings both benefits and risks to the UK.

Dr Gavin Mudd, Director of CMIC.

This report highlights several issues that require further consideration.

Technology-Driven Mineral Demand

The pursuit of new energy and transportation technologies is central to decarbonization efforts and is creating significant demand for additional essential minerals. This includes using lithium-ion batteries in electric vehicles or rare earth elements used in permanent magnets in drive trains for electric vehicles and wind turbines. Other sectors driving technological advancements through the use of critical minerals include aerospace and defense, which require special alloys that can withstand extreme conditions, while the growing use of artificial intelligence and associated demand for large-scale data centers are also driving significant growth. I did it. Demand for minerals with a high importance score within the assessment.

Effects of decarbonization on mineral demand

The intrinsic link between climate change and mineral extraction requires greater mineral supplies globally to achieve net zero commitments, drive the transition to a low-carbon society and reduce carbon emissions and dependence on fossil fuels. Manufacturing of technologies such as wind turbines and electric vehicles is recognized as a mineral-intensive process, and demand for minerals for these clean energy technologies is expected to increase significantly. According to some estimates, demand is expected to quadruple by 2040 in a scenario where zero carbon emissions are achieved by 2050. Clean energy technologies are a major driver of increased demand for many important minerals.

Trade restrictions and global supply risks

Trade restrictions could significantly disrupt global critical mineral supply chains and trade, potentially leading to shortages and price volatility. The extent of disruption to the supply of critical minerals will depend on the nature, timing, and duration of the regulation. While the UK economy is much more vulnerable to disruptions in the flow of key raw materials from international markets, it is also more vulnerable to the impact of global trade measures and regulations. Moreover, the UK's significant mineral refining and manufacturing capabilities, which are at a nascent stage, potentially increase this vulnerability.

Recyclability

The ability to utilize recycling as a means to enhance the supply of the candidates evaluated in this study varies widely, from 0% up to 95%. The UK imports and exports waste and scrap streams of various materials derived from related processing and manufacturing activities. Overall, the recycling sector needs greater capacity to aggregate data, monitor material flows across the economy and explore opportunities to improve the circularity of the UK economy.

Climate change and its impact on global supply risks

Climate change poses serious risks to the global supply of essential metals and minerals needed for clean energy technologies and the transition to a low-carbon economy. Extreme weather events, including droughts, heat waves, floods, and changes in precipitation patterns, are now occurring more frequently than ever before. All of these events have a direct impact on mining operations and mineral processing and transportation. Climate change risks could potentially disrupt the trajectory of the clean energy transition if supplies of critical metals are unable to meet rapidly growing demand, and could hinder the economy's ability to implement low-carbon technologies such as solar panels, wind turbines and electric vehicle batteries. This can have a serious impact on your abilities. .

The full UK 2024 materiality assessment can be downloaded via the CMIC website.

What Are The Main Benefits Of Comparing Car Insurance Quotes Online

LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos