State-backed loans to go to firms importing critical minerals into UK

The Altura lithium project at Pilgangoora in the Pilbara region of Western Australia. The UK government aims to facilitate the import of critical minerals from other Commonwealth countries. Photograph: Altura

Businesses that import critical minerals to the UK will be given access to state-backed loans in a move to counter China’s dominance in the market.

The chancellor, Rachel Reeves, is expected to announce extra government support to encourage the import of critical minerals such as lithium, graphite and cobalt in her budget next week. Companies that bring supplies of critical minerals into the UK will be able to access state-backed loans under the UK export finance mechanism.