Critical Minerals Security Act of 2024

Critical Minerals Security Act of 2024

This bill establishes requirements for the Department of the Interior related to securing U.S. access to critical minerals and rare earth element (REE) resources. Critical minerals mean any mineral, element, substance, or material designated as critical by the U.S. Geological Survey. REEs mean cerium, dysprosium, erbium, europium, gadolinium, holmium, lanthanum, lutetium, neodymium, praseodymium, promethium, samarium, scandium, terbium, thulium, ytterbium, and yttrium. 

First, Interior must report on the critical mineral and REE resources around the world. Among other information, the report must include an assessment of the global ownership and supply of critical mineral and REE resources. Interior must submit the report within a year and every two years thereafter.

Next, Interior must establish a process to assist a U.S. person—a U.S. citizen, a non-U.S. national (alien under federal law) lawfully admitted for permanent residence, or an entity organized under U.S. laws—seeking to divest stock in mining, processing, or recycling operations for critical minerals and REEs in a foreign country with finding a purchaser that is not under the control of North Korea, China, Russia, or Iran.

Finally, Interior must develop (1) a strategy to collaborate with U.S. allies and partners to develop advanced mining, refining, separation, processing, and recycling technologies; and (2) a method for sharing related intellectual property with U.S. allies and partners to enable those countries to license those technologies and develop their resources.