China still dominates global critical minerals supply chains, controlling 70 percent of rare earth mining and 90 percent of the refining process, according to the Whitehall strategy. That concentration means global supply chains are “particularly vulnerable to shocks such as natural disasters, war or geopolitical fallout,” the document says.
Having more diversity will put the U.K. in a better spot in an increasingly volatile world, White said.
“One of my biggest frustrations is that we should have thought more strategically 15 years ago about the direction of travel, and we lost some of that comparative advantage,” she added. “Having more diversity within our supply chain will make us stronger.”
She dismissed the idea that low domestic levels of critical mineral production leaves the U.K. with a weak hand on the global stage, pointing to the financing firepower of the City of London and well-advanced plans to shift to clean technologies.
“I think it stands us in good stead to be a good partner,” White said.
She added: “Multiple countries are going to have a role in this, so we want to be able to sit as an honest broker between some of these countries and see if we can unlock some of the supply chains, which will be good for our economy and for our country, our energy security — but it also will help to accelerate that global transition.”