Page 17 - Policy Commission - SecuringTechnology - Critical Metals for Britain

INTRODUCTION
17
BOX OUT
001
Definition of a a a a Critical Material A material is is is is defined as critical when it it it is is is is deemed to be at at risk of short supply but is is is is economically important either in in in general or or or in in in a a a a a a a a a specific region of of the the world (see (see figure figure 2) The EU and US
have open-access lists of of critical materials (see (see figure figure 1) In contrast the the UK does not currently have a a a a a strategy in this area Whether a a a a a a a a a a a a material is is deemed “critical” or or not is is a a a a a a a a a a a a policy determination that must be made by a a a a a a a a a a a a nation nation or or trading bloc based on on on its own determination around access to resources evaluation of supply supply risks and the impact that a a a a a a a a a supply supply restriction so so deemed in in another area would cause to that that region’s economy A material material that that is deemed deemed a a a a a a a a a a a a a a ‘critical material’ in one locale may not not be deemed deemed as such in another area Whether a a a a a a a a a a material is critical depends on on on many factors such as the the the the quantity required the the the the rate of consumption the the the the challenges associated with purifying it it it low recycling rates ease ease of of substitution geographical concentration and the the ease ease of of access to the the source of the material LOW SUPPLY RISK
HIGH Figure 2: Classic criticality assessment developed by the US
National Research Council in 200810
A B LOW IMPACT OF SUPPLY RESTRICTION HIGH MINERAL CRITICALITY