In an effort to secure supplies of critical minerals for electric vehicles and the energy transition, the United States and its partners are currently working on 15 projects, according to a senior U.S. official.
The Minerals Security Partnership (MSP), which was formed last year by 14 governments, aims to ensure sufficient supplies of minerals like lithium and rare earths to meet zero-carbon goals.
The U.S. State Department’s Under Secretary for Economic Growth, Energy, and the Environment, Jose Fernandez, stated that there are currently 15 projects being explored on five continents, ranging from extraction to processing. He added, “Our intent is to finalize some deals within the next few months.”
Fernandez declined to disclose details about the companies involved but did mention that at least one of the projects is located in Britain.
The MSP, co-hosted by Britain, will convene next week during the London Metal Exchange (LME) Week industry gathering.
Fernandez also revealed that the MSP aims to facilitate partnerships among private companies and provide assistance with financing through trade banks such as the U.S. government’s Export-Import Bank (EXIM).
Lithium evaporation ponds are seen at Albemarle Lithium production facility in Silver Peak, Nevada, on Oct. 6, 2022. (REUTERS/Carlos Barria/File Photo)
The other members of the MSP include the European Union, Canada, Australia, France, Germany, Italy, Sweden, Finland, Norway, Japan, India, and South Korea.
Fernandez expressed confidence in reaching an agreement that would allow critical minerals mined or processed in Britain to qualify for U.S. clean vehicle tax breaks.
He also mentioned that conversations are ongoing with the EU and there is an expectation of reaching an agreement. The United States signed a minerals deal with Japan in March.
The U.S. Inflation Reduction Act provides a $7,500 tax credit for EVs purchased in the United States if a certain percentage of critical battery minerals come from the United States or a free trade partner.
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