UK Prime Minister Keir Starmer announced yesterday (22 June) that he is stepping down, potentially creating political and economic uncertainty.
In a statement outside 10 Downing Street, Starmer said the resignation comes amid internal party dysfunction and mounting pressure from the members of the Labour Party in Parliament.
Andy Burnham, former Greater Manchester Mayor, is likely to replace Starmer after he secured his return to Parliament. He is expected to travel to Westminster today (23 June) to formally take up his seat as a Member of Parliament.
For the mining industry, this transition could have several impacts, including policy and regulatory shifts and currency fluctuations. A weaker pound can make UK-based mining assets and operating costs cheaper for overseas investors, while increasing the cost of imports.
The news comes after UK Critical Minerals Association founder Jeff Townsend previously told Mining.com.au that the nation is “late to the party” in terms of supporting the mining industry.
“The government back then [and] the civil service have always been relatively cautious about engaging [with] the mining sector,” Townsend says.
Under the UK Government’s Vision 2035: Critical Minerals Strategy, the nation aims to meet at least 10% of annual demand for critical minerals domestically by 2035, including producing 50,000 tonnes of lithium annually. A further 20% of demand is expected to be met through recycling, while no more than 60% of total supply should come from any single country.
Despite the importance of these minerals, the UK currently produces none of the 34 minerals listed as critical in the UK Critical Minerals Intelligence Centre’s 2024 Criticality Assessment.
Write to Aaliyah Rogan at Mining.com.au
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