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Mid-Nickel",103.5,99.73,3.78,13.78,6.78,[518,519,520,522,524,526,528,530,532,534,536,538],{"date":213,"value":512},{"date":216,"value":513},{"date":219,"value":521},99.19,{"date":222,"value":523},96.02,{"date":225,"value":525},98.23,{"date":467,"value":527},99.24,{"date":329,"value":529},101.29,{"date":339,"value":531},87.61,{"date":341,"value":533},92.44,{"date":344,"value":535},90.96,{"date":347,"value":537},92.24,{"date":350,"value":539},95.09,{"id":541,"uuid":542,"name":543,"slug":544,"full_slug":545,"content":546,"relatedArticles":677,"relatedVideos":678},121614728912160,"5f073f6d-a3bd-4840-99f2-4ffa2e8b0cfe","Geo-economic and Policy Briefing – November 2025","geo-economic-and-policy-briefing-november-2025","publications/briefings/geo-economic-and-policy-briefings/geo-economic-and-policy-briefing-november-2025",{"_uid":547,"date":548,"content":549,"excerpt":658,"_editable":659,"component":660,"categories":661,"visibility":674,"publication_frequency":188,"formattedDate":675,"formattedArticleDate":676},"d638cf01-a378-4e01-9608-a7ccb199795a","2025-12-08 00:00",{"type":550,"content":551},"doc",[552,559,566,576,581,586,598,603,608,613,620,628,633,638,643,648,653],{"type":553,"attrs":554,"content":555},"paragraph",{"textAlign":49},[556],{"text":557,"type":558},"This is your monthly geo-economic and policy briefing, part of your Benchmark Source subscription. Every month, this briefing examines the key geo-economic and policy trends shaping the mine-to-grid supply chains, from critical minerals to electric vehicles (EVs). ","text",{"type":560,"attrs":561,"content":563},"heading",{"level":562,"textAlign":49},4,[564],{"text":565,"type":558},"1. UK Critical Minerals Strategy",{"type":553,"attrs":567,"content":568},{"textAlign":49},[569,571],{"text":570,"type":558},"The United Kingdom (UK) has published its updated critical minerals strategy – “Vision 2035” – in line with its wider Industrial Strategy published earlier this year, setting out a 10-year roadmap to secure the critical minerals needed for various essential industrial sectors, such as defence, aerospace, and clean energy. To address this, the UK government puts forward two central policy objectives: boosting domestic production and developing resilient global critical mineral supply chains through friendshoring to reduce its dependence on overseas suppliers, especially China. As pledged by UK Energy Minister Chris McDonald, the UK wants “",{"text":572,"type":558,"marks":573},"to break China’s stronghold over crucial net zero supply chains.”",[574],{"type":575},"italic",{"type":553,"attrs":577,"content":578},{"textAlign":49},[579],{"text":580,"type":558},"To enhance the link between the UK’s domestic mineral demand and the development of its strategic industrial sectors, a so-called growth minerals list has been published based on the 2024 criticality assessment, covering, amongst others, copper, cobalt, graphite (natural and synthetic), lithium, manganese, nickel and rare earth elements (REEs). These minerals are identified as essential to the UK’s future growth sectors, reflecting projected demand to 2035, whereas the UK’s previous critical mineral strategy relied on a single list of 18 critical minerals, defined by a classic criticality approach that considered both economic importance and supply risk. Together with the UK’s critical minerals list, this growth minerals list will guide government funding domestically and overseas, permitting and international partnerships.",{"type":553,"attrs":582,"content":583},{"textAlign":49},[584],{"text":585,"type":558},"Similar to the European Union (EU), the UK puts forward the following non-binding (but politically significant) domestic production targets that need to be met by 2035:",{"type":587,"attrs":588},"blok",{"id":589,"body":590},"bc8f1fa1-e032-4f03-bd90-fc7fd8b6ed81",[591],{"id":592,"_uid":593,"type":594,"_editable":595,"component":596,"fixed_height":597,"use_fixed_height":50,"fixed_height_mobile":597,"fixed_height_tablet":597},"26470173","i-3a4abe16-819a-4149-9021-1703ea2c0f59","visualisation","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-3a4abe16-819a-4149-9021-1703ea2c0f59\", \"id\": \"\"}-->","ContentFlourish","",{"type":553,"attrs":599,"content":600},{"textAlign":49},[601],{"text":602,"type":558},"As for the 10% domestic production goal for lithium, nickel, cobalt, manganese, and graphite, the UK is expected to broadly miss its 2035 target, based on comparing the announced 2035 pipeline production with the Benchmark forecasts (i.e., assessed supply likely to come online), except for refined nickel. Zooming in on refined lithium, the 50,000-tonne 2035 target currently seems unfeasible, with a ~20,000-tonne target being more realistic, especially given costs. When it comes to recycling, the picture looks rosier, especially for cobalt and manganese.",{"type":553,"attrs":604,"content":605},{"textAlign":49},[606],{"text":607,"type":558},"Although the need for supply diversification through international partnerships is strongly acknowledged, as the UK will remain highly reliant on critical mineral imports, the strategy remains rather vague on a detailed international partnership framework and policy instruments. The strategy’s strong focus on domestic production and the prioritisation of the midstream and recycling should be welcomed; at the same time, a robust international pillar is needed, given the need for friendshoring and the growing geopolitical turbulence around critical minerals characterised by export controls and supply weaponisation. This can be achieved by actively participating multilaterally in the G7, the Mineral Security Partnership (MSP), and other fora, and by deepening existing and future bilateral cooperation, especially the vaguely defined Memorandums of Understanding (MoUs).",{"type":553,"attrs":609,"content":610},{"textAlign":49},[611],{"text":612,"type":558},"Furthermore, government funding remains key to derisk domestic and overseas critical mineral projects, with a view to attracting the necessary private capital and, in turn, unlocking future supply. Notably, a new government commitment to allocate up to £50 million, channelled through the Department for Business and Trade (DBT), has been announced to support early-stage domestic critical minerals projects and to be deployed alongside other existing public funding mechanisms, such as the National Wealth Fund (NWF) and the UK Export Finance (UKEF). However, this new funding is small, and it will overall require more funding and a real international “capital markets” investment approach, primarily through equity finance, to make a real difference, especially given the capital needed to unlock more supply and when compared with larger sums other geopolitical actors like the US have deployed. While the UK can deploy equity support domestically through the NWF, providing equity finance internationally helps to derisk overseas projects and unlock international supply to UK-based downstream players. This requires a widening of the NWF’s mandate, as UK Export Finance (UKEF) has already had its mandate expanded, enabling it to support overseas critical minerals projects through guarantees, loans, and insurance. Finally, unlike the US, Canada, and the EU, the UK reportedly has no plans to introduce price support mechanisms, such as price floors. Even though the UK can participate in the G7 plans to introduce price floors, which should be targeted and temporary, more is needed than a UK demand-aggregation platform to incentivise offtake agreements to meet domestic industrial demand.",{"type":560,"attrs":614,"content":615},{"level":562,"textAlign":49},[616,618],{"text":617,"type":558},"2. ",{"text":619,"type":558},"Monthly round-up of the remaining key geopolitical and policy updates",{"type":587,"attrs":621},{"id":622,"body":623},"cbe3a605-fe37-491e-a905-4b5a6bc67971",[624],{"id":625,"_uid":626,"type":594,"_editable":627,"component":596,"fixed_height":597,"use_fixed_height":50,"fixed_height_mobile":597,"fixed_height_tablet":597},"26649300","i-80a6dbea-a541-47ed-a87a-1cfd40b6a78f","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-80a6dbea-a541-47ed-a87a-1cfd40b6a78f\", \"id\": \"\"}-->",{"type":560,"attrs":629,"content":630},{"level":562,"textAlign":49},[631],{"text":632,"type":558},"3. Key Macro-economic Indicators",{"type":553,"attrs":634,"content":635},{"textAlign":49},[636],{"text":637,"type":558},"The confirmation that gold’s rally has levelled out became more evident in November, as the price has remained around the $4,000-per-ounce mark and driven by the increasing probability that the US Fed may cut interest rates and the easing of geopolitical tensions. A stabilisation and restrengthening of the dollar could ultimately push prices down as investors move back to currency, but for the time being, all eyes will be on US fiscal policy.",{"type":553,"attrs":639,"content":640},{"textAlign":49},[641],{"text":642,"type":558},"The idea of a US rate cut coming has buoyed US equities over November, and fears of an AI bubble have been reduced for now after NVIDIA’s closely watched earnings call proved strong.",{"type":553,"attrs":644,"content":645},{"textAlign":49},[646],{"text":647,"type":558},"China’s October economic data highlighted the significant pressures weighing on its domestic economy. A most persistent drag comes from the property sector, where investment continues to contract at double-digit rates. China’s growth structure leaves it exposed to external volatility, with the economy heavily reliant on exports and state-led investment. The EV and battery industries are central to China’s growth, but domestic pressures weigh on the industry and pose future challenges.",{"type":553,"attrs":649,"content":650},{"textAlign":49},[651],{"text":652,"type":558},"Aligning with the ongoing work on its 15th 5-year plan (2026-2030), China has said it will step up spending on its modern industrial system, science and technology, education and social security, while better aligning fiscal policy with monetary, industrial and regional measures. This could lead to additional support measures to boost consumption and private investment.",{"type":553,"attrs":654,"content":655},{"textAlign":49},[656],{"text":657,"type":558},"In Europe, stable growth is expected in 2026, with Germany rebounding on the back of expansive fiscal policy that should also benefit Central and Eastern Europe, while Spain is expected to see a slowdown. Germany’s fiscal push is estimated to add ~0.5% to its GDP in 2026, with uncertain long-term effects. Digital transformation, driven by the AI infrastructure boom, will remain a major growth engine, having already added around 0.4% to annual European growth since 2021.","This is your monthly geo-economic and policy briefing, part of your Benchmark Source subscription. Every month, this briefing examines the key geo-economic and policy trends shaping the mine-to-grid supply chains, from critical minerals to electric vehicles (EVs). 1. UK Critical Minerals Strategy The United Kingdom (UK) has published its updated critical minerals strategy – “Vision […]","\u003C!--#storyblok#{\"name\": \"briefing\", \"space\": \"\", \"uid\": \"d638cf01-a378-4e01-9608-a7ccb199795a\", \"id\": \"\"}-->","briefing",[662,665,668,671],{"slug":663,"name":664},"batteries","Batteries",{"slug":666,"name":667},"critical-minerals","Critical Minerals",{"slug":669,"name":670},"geopolitics","Geopolitics",{"slug":672,"name":673},"new-energy","New Energy","private","Dec 08, 2025","8th December 2025",[],[],1784633865694]