Benchmark Minerals has calculated that the UK needs to spend about £100bn to spark a new electric vehicle industry – £20bn to set up new gigafactories and £80bn to build the supply chain that feeds it.
Without this battery ecosystem, the future of the UK’s automotive industry is hanging in the balance.
“As a Brit, I’m very concerned about that,” Mr Wrathall says. “But in terms of what we’re doing with Cornish Lithium, we’ll export it if there’s no automotive industry here. It would be a tragedy.”
Cornish Lithium has received government funding for its projects, including £2.9m towards its pilot geothermal lithium plant near Redruth. The government says its Critical Minerals Strategy, external highlights its progress on supporting lithium projects and battery manufacturing in the UK.
“From the tip of Cornwall to the Scottish Highlands, we are creating the right conditions for critical mineral businesses to grow by offering financial support,” a government spokesperson said.
The Conservative MP for St Austell and Newquay, Steve Double, says some opportunities have been created thanks to government support.
“But because of the global economic situation there have been some challenges around that,” he says.
He agrees there’s plenty more to be done before the people of Cornwall can see the benefits of its white gold rush.
“If a gigafactory became possible, I’d love to see it happen,” Mr Double says.