WASHINGTON, D.C. –U.S. Senator Angus King is introducing bipartisan legislation to protect and secure the supply chain of critical minerals. The Global Strategy for Securing Critical Minerals Act of 2024 would ensure that the United States, its allies, and global partners can count on a diverse and secure end-to-end supply of critical minerals. Specifically, the legislation would enhance diplomatic and financial tools to support the procurement and processing of these minerals.

Critical minerals, such as lithium, nickel, cobalt, and rare earth elements, are necessary inputs for technologies that play critical roles in our national security, including military equipment and defense systems, as well as emerging technologies such as electric vehicles and storage for our power grid.

Unfortunately, the People’s Republic of China (PRC) currently dominates the mining, processing, and manufacturing of the majority of these minerals – raising significant economic and national security concerns. To combat the dominance of the PRC, this legislation would ensure a secure supply of these minerals. Senator King recently cosponsored bipartisan legislation to help the United States reduce its supply chain dependence on China for key minerals used in military technologies and consumer goods.

“Critical minerals are essential to both America’s national security and our supply chain resiliency, since these raw materials are used in both our military equipment and personal technology,” said Senator King. “The Global Strategy for Securing Critical Minerals Act of 2024 would help us firm up financial and diplomatic efforts so we can secure United States’ access to domestic and allied critical minerals while undercutting Chinese dominance. Any continued reliance on China, and other bad actors, for these resources is downright dangerous so we must make it easier to invest in and access our own rare earth minerals supply chain.”

Specifically, the legislation would:

• Streamline diplomatic efforts for securing minerals;
• Establish diplomatic support for private sector investments abroad;
• Enhance financial tools of the U.S. International Development Finance Corporation (DFC) the Export-Import Bank of the United States (EXIM);
• Create a fund to assist investments in critical minerals;
• Enhance public-private information sharing on manipulative adversary practices;
• Create a public website to assist private sector companies in navigating government resources and financial support; and
• Expand allied partnerships to secure critical minerals.

The legislation would also work to increase U.S. procurement of critical minerals in order offset China’s ability to manipulate and monopolize the market:

• Require a report on the use of and need for new or expanded authorities to increase domestic production and procurement;
• Require an assessment on imposing duties on imported minerals, in particular from China; and
• Require a whole-of-government effort to develop workforce training programs to advance end-to-end critical mineral capabilities.

As a member of the Senate Armed Services Committee, Senate Select Committee on Intelligence, and Senate Energy & Natural Resources Committee, Senator King is committed to advancing American competitiveness in 21st century technologies and reducing America’s reliance on fossil fuels while improving national security and strengthening cyberdefenses. Senator King is the co-chair of the Senate Semiconductor Caucus, and has been one of the Senate’s leading advocates for improving battery technology and recycling as a way to strengthen national security and create good-paying American jobs. He previously introduced the Battery Material Processing and Component Manufacturing Act, to boost domestic production of batteries, and the Battery and Critical Mineral Recycling Act of 2021, to incentivize the recycling of single use and rechargeable batteries. 

The legislation is cosponsored by Senators Mark R. Warner (D-VA), Marco Rubio (R-FL), Chris Coons (D-DE), Bill Cassidy (R-LA), and John Hickenlooper (D-CO).

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