The goal of the MSP is to ensure that critical minerals are being “produced, processed, and recycled in a manner that supports the ability of countries to realise the full economic development benefit of their geological endowments." Specifically, the MSP focuses on critical minerals that are inputs for electric vehicles and advanced batteries.
Participating countries pursue investment in mining, processing and recycling development that maintains high environmental and social governance standards.
The creation of this partnership is a response to the increasing demand of critical minerals and their tight supply chain. Australia, Canada, Finland, France, Germany, Japan, Korea, Sweden, the United Kingdom, the United States, and the European Union have joined the MSP.
Objectives of the MSP include:
- Strengthened information sharing between partner countries
- Increased investment in secure critical minerals supply chains
- Developed recycling technologies