The United Kingdom has opened applications for its £25 million ($34 million) Critical Minerals Fund, known as the Critical Minerals Accelerator, inviting proposals from companies working on extraction, processing and recycling of critical minerals across the country.
Administered by the Department for Business and Trade, the Critical Minerals Fund will distribute grants ranging from £150,000 to £3 million ($200,000 to $4 million) to projects approaching their commercial stage. The funding is designed to help de-risk technology and demonstrate commercial viability for ventures that might otherwise struggle to cross the threshold into full-scale operation. Projects receiving support are expected to reach commercialisation by March 2030.
The Critical Minerals Accelerator accounts for half of the £50 million ($67 million) committed under the broader UK Critical Minerals Programme, which was launched in June. That wider initiative is focused on reducing Britain’s dependence on overseas supply chains, strengthening economic resilience and supporting long-term industrial growth through to 2035. The programme also targets innovation, the creation of high-value employment and the attraction of private investment into the critical minerals sector.
Programme Structure and Supporting Initiatives
Beyond the Critical Minerals Fund grants, the programme includes two additional pillars. A Magnet Hub will establish a national centre dedicated to rare earth permanent magnet manufacturing, testing and skills development. A Demand Aggregation Platform, meanwhile, is intended to consolidate industry demand for critical minerals, support offtake agreements and unlock further private investment.
The accelerator specifically targets projects that can strengthen security of critical minerals supply, build domestic production capacity and advance a more circular economy. Recycling, recovery and reuse of critical minerals are central to the programme’s objectives, reflecting a growing emphasis on sustainable sourcing alongside primary extraction.
Companies involved in extraction, processing, recycling and advanced manufacturing are all eligible to apply through the Critical Minerals Fund. The programme encourages a broad range of approaches to building out the domestic minerals value chain, from mine-to-magnet operations to secondary recovery from waste streams.
Meeting the 2035 Domestic Supply Target
The Critical Minerals Fund forms a key component of the UK’s ambition to meet 30 per cent of its critical minerals needs from domestic sources by 2035. That target comes as global competition for critical minerals continues to intensify, with major economies seeking to secure supply chains for materials essential to energy transition technologies, defence applications and advanced manufacturing.
By channelling public funding into near-commercial projects, the government aims to bridge the gap between development-stage ventures and bankable operations capable of contributing meaningfully to national supply. The grants are structured to share risk with the private sector while maintaining clear commercialisation timelines.
Applications for the Critical Minerals Fund are now open, with successful projects expected to begin receiving support in the coming months. All funded ventures must demonstrate a credible pathway to commercialisation by the March 2030 deadline. Further details on the Magnet Hub and Demand Aggregation Platform are expected as the broader Critical Minerals Programme continues to roll out through 2026 and beyond.