The Critical Minerals Security Act of 2024 requires the Secretary of the Interior to produce detailed reports every two years on critical minerals and rare earth elements worldwide, including which resources are controlled by countries of concern versus U.S. allies, details on major mining operations and their owners, and information about forced divestitures. The bill affects U.S. companies operating in the mining and mineral processing sectors, as well as federal agencies involved in national security and trade. The Secretary must also establish a process to help U.S. companies notify the government when divesting from foreign mining operations and assist them in finding alternative purchasers not controlled by adversarial governments. Additionally, within one year of enactment, the Secretary must develop a strategy for collaborating with allied nations to advance mining and processing technologies and create a framework for sharing the resulting intellectual property. Congress will receive annual progress reports on these technology development efforts with no specific funding amount identified in the legislation.
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