Critical Minerals Security Act of 2024

Country / jurisdiction: United States · Year: 2023 · Status: In force · Level: National · Type: Voluntary

The Critical Minerals Security Act of 2024 aims to ensure the security of critical minerals and rare earth elements by requiring comprehensive reports and developing advanced technologies for mining, refining, and processing these resources. The goal of this act is to enhance U.S. access to critical minerals, reduce reliance on foreign entities of concern, and promote technological advancements in the mining sector.

The Secretary of the Interior must submit biennial reports on global critical mineral and rare earth element resources, including assessments of control, ownership, and reasons for lack of commercial mining. The reports shall include:

Detailed evaluations of mines extracting significant quantities of critical minerals including output estimates, ownership, and control.

Identification of key foreign entities involved in mining and processing, and assessments of their technical capabilities.

Strategies for collaborating with allied countries to develop and share advanced mining and processing technologies.

Establishing a process for U.S. persons to notify the government of intentions to divest stock in foreign mining operations and receive assistance in finding non-foreign buyers.

Official source: https://www.congress.gov/bill/118th-congress/senate-bill/3631/text/is?overview=closed&format=xml