Minerals: Exploration
The question
To ask the Secretary of State for Business and Trade, what assessment his Department has made of the adequacy of funding for junior mineral exploration companies in the UK; and if he will introduce financial incentives to increase exploration of critical minerals.
Answered by Sarah Jones
The Department for Business and Trade recognises the challenges that junior mining companies face when fundraising for mineral exploration projects. A secure supply of critical minerals is vital for the UK's economic growth and security, industrial strategy ambitions, and clean energy transition. As we work through our industrial and critical mineral strategies, we will further explore funding mechanisms which will encourage UK companies to play a role in securing our supplies and capitalise on economic opportunities, as the demand for resilient and responsible sources of critical minerals grows. UK junior mining companies have already benefitted from HMG funding including grants available through the Automotive Transformation Fund.
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