A bipartisan group of US senators introduced legislation in Congress on Thursday, January 20, aimed at enhancing the country’s acquisition of critical minerals and monitoring other countries deemed “of concern.” The legislation, known as the Critical Minerals Security Act of 2024, is designed to address “information gaps” and establish a divestment process for American companies, as reported by the South China Morning Post (SCMP).
According to the SCMP report, the legislation would mandate US federal agencies to submit a report to Congress containing information about critical minerals and rare earth resources globally. Once the bill is enacted, the initial report will be due within a year and subsequently every two years.
The report required by the legislation will compel US federal agencies to provide information on resources controlled by countries identified as “foreign entities of concern,” including China, Iran, North Korea, and Russia. The report will cover resources under the control of the US, its ally nations, and partners. Additionally, it will include information about mines producing significant quantities of rare earths and critical minerals, including estimates of their annual output and ownership details.
China is a major global producer and processor of rare earths and critical minerals, making it a focal point in discussions about the secure supply of these essential resources. Critical minerals, such as nickel, cobalt, and lithium, play crucial roles in military supply chains and clean energy technologies.
The legislation reflects growing concerns in the US about the strategic importance of securing a reliable supply chain for critical minerals, which are vital for various industries, including defense and renewable energy.
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