Duval Times

Critical minerals are essential for national security, playing key roles in military equipment, defense systems, and emerging technologies. However, China currently dominates the mining, processing, and manufacturing of these minerals.

U.S. Senate Select Committee on Intelligence Vice Chairman Marco Rubio (R-FL), Chairman Mark Warner (D-VA), and colleagues have introduced the Global Strategy for Securing Critical Minerals Act of 2024. This bill aims to counter China's dominance in the sector and ensure that the U.S. and its global partners can rely on a secure supply of critical minerals.

"Our national security interests are heavily dependent on critical minerals, which are vital for modern technology and national defense. The U.S. must have a comprehensive response to China’s dominion over the global critical mineral industry. With our consensus package, Senator Warner and I hope to free our nation’s supply chains from China’s industrial monopoly," stated Senator Rubio.

Senator Warner added, "The global demand for critical minerals continues to grow at exponential rates, and it is crucial that the U.S. identify secure sources of these minerals so that we can count on them for national security and critical infrastructure applications. Currently, China dominates the critical mineral industry and is actively working to ensure that the U.S. does not catch up. The U.S., alongside allies, must take meaningful steps to protect and expand our production and procurement of these critical minerals."

The original cosponsors include Senators Angus King (I-ME), Chris Coons (D-DE), Bill Cassidy (R-LA), John Hickenlooper (D-CO), Thom Tillis (R-NC), and Mark Kelly (D-AZ).

Specifically, the legislation would enhance diplomatic and financial tools to support public and private sectors in securing these minerals by:

- Streamlining diplomatic efforts for securing minerals;

- Establishing diplomatic support for private sector investments abroad;

- Enhancing financial tools of the U.S. International Development Finance Corporation (DFC) and the Export-Import Bank of the United States (EXIM);

- Creating a fund to assist investments in critical mineral metallurgical facilities;

- Enhancing public-private information sharing on manipulative adversary practices;

- Creating a public website to assist private sector companies in navigating government resources;

- Expanding allied partnerships to secure critical minerals.

The legislation also seeks to increase U.S. procurement of critical minerals to counteract China's market influence.

Previously, Senators Rubio and Warner have led efforts to secure supply chains through increased government support for U.S. private sector companies involved in critical mineral projects.

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