According to the US Department of State, the US and key partner countries have announced the establishment of the Minerals Security Partnership (MSP), an ambitious new initiative to bolster critical mineral supply chains.
The announcement was made in Toronto during the Prospectors and Developers Association of Canada (PDAC) convention, the largest mining event in the world.
The goal of the MSP is to ensure that critical minerals are produced, processed, and recycled in a manner that supports the ability of countries to realise the full economic development benefit of their geological endowments. Demand for critical minerals, which are essential for clean energy and other technologies, is projected to expand significantly in the coming decades. The MSP will help catalyse investment from governments and the private sector for strategic opportunities –across the full value chain – that adhere to the highest environmental, social, and governance (ESG) standards.
MSP partners – including Australia, Canada, Finland, France, Germany, Japan, the Republic of Korea, Sweden, the UK, the US, and the European Commission – are committed to building robust, responsible critical mineral supply chains to support economic prosperity and climate objectives.