British mining industry is on the rise due to high EV demand
According to a recent Reuters report, mining industry in the UK is set to witness a resurgence of sorts, thanks to high demand for electric vehicles (EVs) and shortage for materials for these vehicles.
As per the report, industrial mining for EV materials, particularly tin mining, is becoming an attractive proposition in the UK in recent times because of skyrocketing tin prices resulting from increasingly high EV demand as well as geopolitical instability, especially the escalating tensions between the US and China which is the world’s biggest producer of minerals used in making EVs.
With tin mining being an important industry in England’s southwestern region called Cornwall for centuries, before falling out of favour because of metal price crashes in 1990s, the opening Cornwall’s tin mines can now be reconsidered. The potential move is becoming all the more attractive for the UK mining industry because satellite images of the area near Corwall’s tin mines have revealed the possibility of extremely valuable lithium deposits at the sites.
With regard to the resurgence of British mining industry, lawmaker Pauline Latham -- the head of a parliamentary mining group -- told Reuters: “We need to ensure the secure supply of the technology metals and critical minerals.”
Latham further added that the move is “necessary” because a large part of the metals and minerals market is owned by China which is potentially involved in a “global trade war” with the US.
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