Senate introduces legislation to secure supply of critical minerals and counter China’s dominance in key sector

Senate Intelligence Committee Introduces Legislation to Secure Critical Mineral Supply Chains

Legislation introduced in the U.S. Senate aims to develop a strategy and global approach to ensure a diverse and secure end-to-end supply of critical minerals for the U.S., its allies, and global partners. Critical minerals such as lithium, nickel, cobalt, and rare earth elements are essential for national security and emerging technologies.

The proposed legislation, led by Chairman of the Senate Select Committee on Intelligence Mark R. Warner and Vice Chairman Marco Rubio, with support from other senators, seeks to address the dominance of the People’s Republic of China (PRC) in the mining, processing, and manufacturing of these minerals. The dependence on China poses economic and national security risks for the U.S.

Warner emphasized the need for the U.S. to identify secure sources of critical minerals to ensure national security and critical infrastructure. The legislation aims to counter China’s dominance in the sector and free the nation’s supply chains from China’s industrial monopoly, according to Rubio.

The proposed measures include streamlining diplomatic efforts, establishing support for private sector investments abroad, enhancing financial tools, creating a fund for critical mineral investments, and expanding allied partnerships. Additionally, the legislation focuses on increasing U.S. procurement of critical minerals to offset China’s market manipulation.

Warner and Rubio previously hosted a roundtable discussion on access to critical minerals, where industry leaders highlighted the challenges faced by U.S. companies in securing projects abroad. As part of ongoing efforts to reduce reliance on China for critical minerals, the senators have introduced legislation to improve information sharing and support for U.S. private sector companies investing in critical mineral projects.

The Senate Intelligence Committee’s discussions on financing critical minerals for U.S. technology underscore the importance of securing the nation’s supply chains and reducing dependency on foreign adversaries. The proposed legislation represents a significant step towards safeguarding the U.S. critical mineral supply chains and protecting national interests.