Head of Critical Minerals and Mining (International) at the UK Department for Business and Trade (DBT) Oliver Richards has delivered a presentation outlining the future of global critical minerals supply and the growing strategic cooperation between Mongolia and the UK. Richards highlighted London’s position as a global hub for mining finance, capital markets, technology and research expertise. This ecosystem, he noted, provides strong opportunities to expand investment, supply chain partnerships, and technological cooperation with resource-rich countries such as Mongolia.
During his remarks, he also emphasized that global supply chains for critical minerals are currently highly concentrated, while demand is expected to increase significantly in the coming years. The rapid expansion of clean energy technologies, electric vehicles, and advanced manufacturing is driving this surge in demand, which is projected to outpace supply in the near future. To address these challenges, the UK has adopted a 10-year Critical Minerals Strategy aimed at strengthening the resilience and security of supply chains. The strategy sets clear targets to meet 10 percent of demand through domestic production, 20 percent through recycling, and to ensure that no more than 60 percent of the supply of any critical mineral comes from a single country.
According to Richards, the UK also seeks to promote a more transparent, resilient and diversified global market for critical minerals. This will be achieved through expanded international partnerships, stronger supply chain collaboration, improved access to finance, and increased investment in research and innovation. As part of this effort, the UK has been actively expanding cooperation across Central Asia. Memoranda of Understanding on critical minerals have been signed with Kazakhstan in 2023, Mongolia in 2024, Uzbekistan in 2025 and Kyrgyzstan in 2025. The agreement with Mongolia supports collaboration in areas including geological research and resource mapping, trade development, environmental, social and governance standards and financial support mechanisms.
