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Mahesh

25/06/23 10:53 AM IST

Minerals Security Partnership

In News
  • The Minerals Security Partnership (MSP) is a global initiative by the US to bolster critical mineral supply chains. It is also known as the critical minerals alliance.
About MSP
  • It was announced by the US and other key partner countries in June 2022 with an aim to ensure that critical minerals are produced, processed and recycled in a way that helps countries secure a stable supply of critical minerals for their economies.
  • It also aims to weaken China's grip on supplies of critical minerals worldwide.
  • The focus is primarily on the supply chains of critical minerals such as cobalt, nickel, lithium and the 17 "rare earth" minerals.
  • India is not a part of this partnership.
  • The Minerals Security Partnership consists of several key countries, including Japan, Australia, Finland, the United States, Germany, the United Kingdom, Canada, the Republic of Korea, France, Sweden, and the European Union.
Rare Earth Minerals
  • Rare earth minerals, which include elements like scandium, yttrium, and lanthanides, are crucial components in the production of various high-tech applications.
  • These minerals are vital for the functioning of devices such as cellular telephones, flat-screen monitors, televisions, and electric vehicles. 
  • They are used to manufacture advanced technologies, such as mobile phones, tablets, electric vehicles, solar panels, wind turbines, fibre optic cables, and defence and medical applications.
  • Many critical minerals, including rare earth minerals and metals such as lithium, gallium, tellurium, and indium, are central to high-tech sectors. Rare earth (RE) comprises 17 elements which are classified as light RE elements (LREE) and heavy RE elements (HREE).
  • Individual countries develop their own list of critical minerals depending on the importance of particular minerals in the industrial sector and the strategic assessment of supply risks.
  • The major critical minerals are graphite, lithium and cobalt. They are critical for making semiconductors and high-end electronics manufacturing.
  • They are also used in manufacturing fighter jets, drones, and radio sets.
Source- Business Standard

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