UK growth minerals list includes PGMs but leaves palladium out

Palladium

The UK growth minerals list now includes several platinum group metals, but it excludes palladium. The UK growth minerals list projects cumulative domestic demand of 28,040t by 2035 for PGMs excluding palladium. Meanwhile, the decision reshapes eligibility for targeted public capital under the wider critical minerals strategy.

The exclusion puts palladium’s strategic role under a policy spotlight. Palladium supports pharmaceutical supply chains and defence applications, which sit inside the UK’s growth sectors. However, the UK growth minerals list does not treat palladium as investment-eligible under the growth-critical overlap.

Palladium exclusion raises supply chain and industrial policy questions

The omission creates a mismatch between industrial priorities and material coverage. Johnson Matthey welcomed the strategy’s resilience focus but criticised the palladium carve-out. Liam Condon signalled that the company expects policy to recognise palladium’s role in circular supply.

The gap also matters for downstream procurement and stockpiling logic. The UK previously aligned many security-driven materials decisions with allies’ critical mineral frameworks. Meanwhile, palladium already appears on some allied lists, which raises questions for trade and sourcing alignment.

UK PGM refining investment hinges on funding clarity and execution

The investment signal now concentrates on platinum and other overlap minerals. Platinum qualifies as both a growth mineral and a critical mineral under the strategy. Therefore, platinum-linked projects can access the new £50mn critical minerals fund and related support tools.

The UK still holds an outsized processing position in global PGMs. Johnson Matthey estimates UK facilities source almost 60% of PGMs used in new products worldwide. Meanwhile, the company seeks state support for its PGM refinery in Royston, which should start operating in 2027.

The Metalnomist Commentary

This policy split may unintentionally push palladium investment decisions offshore. However, the UK can still close the gap by tying eligibility to defence and pharmaceutical demand signals. Therefore, the next budget cycle will likely become the real test of strategy credibility.