A bipartisan group of US senators on Thursday (January 20) introduced a legislation in US Congress that seeks to boost the country’s acquisition of critical minerals and keep an eye on other countries ‘of concern’. The legislation is also aimed towards addressing “information gaps” and establishing divestment process for American companies, reported South China Morning Post (SCMP).
The legislation, reportedly called Critical Minerals Security Act of 2024 would make it compulsory for US federal agencies to present a report to US Congress which would contain information about critical minerals and rare earth resources around the world.
When the bill is enacted the report will be due within a year and then once every two years.
According to the news report, US federal agencies would have to present information about the resources controlled by countries deemed “foreign entities of concern” like China, Iran, North Korea, Russia and which are under control of the US, it ally nations and partners.
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The South China Morning Post also said that report would have to have information about mines which yield vast quantities of rare earths and critical minerals. The report would also include estimations of these mines’ annual output, and their owners.
China is a major producer and processor of rare earths and critical minerals.
Minerals such as nickel, cobalt and lithium are called critical minerals as they are essential for military supply chains and even for clean energy tech.
Thursday’s bill was put forward in the US Congress by John Cornyn, a senior Republican senator from Texas. Other sponsors of the bill included Todd Young (Republican senator from Indiana), Mark Warner (Democratic senator from Virginia) and others.
“Despite the important role critical minerals play in everything from consumer electronics to military defence, we need more information to secure a reliable, long-term supply of these minerals,” said Cornyn as quoted by SCMP.
“This legislation would ensure the US and our allies understand how critical minerals are controlled around the world so we can counter foreign countries of concern.”
(With inputs from agencies)
