H.R. 4018: To unleash America’s offshore critical minerals and resources.

This bill, titled "To unleash America’s offshore critical minerals and resources," aims to maximize the exploration and extraction of critical minerals from the seabed of the United States for economic and national security purposes. Here’s a summary of its main points:

Finding and Rationale

The bill starts with findings that emphasize:

• The importance of U.S. leadership in deep-sea science and technology, as well as seabed mineral resources.
• Current challenges in securing reliable supplies of critical minerals without relying on foreign countries, particularly adversaries.
• The existence of vast offshore areas rich in critical minerals and energy resources, which are essential for the U.S. economy and energy independence.
• The necessity to accelerate responsible development, quantification of seabed mineral resources, and reinforce supply chains for the U.S. defense and infrastructure sectors.
• A policy directive to develop domestic capabilities, support technological advancements, and strengthen partnerships with allies to improve resource extraction and processing.

Strategic Access to Seabed Minerals

The bill proposes several measures to enhance U.S. access to seabed minerals:

Expedited Permitting Processes

• The Secretary of Commerce and other relevant departments are directed to expedite the licensing process for exploration and commercial recovery of seabed minerals, ensuring efficiency and competitiveness for U.S. companies.
• The Secretary of the Interior is also tasked with quickly establishing a streamlined process for reviewing and approving permits for seabed exploration and leasing.

Seabed Mapping

A mapping plan for priority areas of the seabed is required to identify and characterize regions rich in minerals, which should be developed with input from federal agencies, commercial entities, and non-governmental organizations.

Identification of Critical Minerals

The Secretary of the Interior must identify critical minerals that can be sourced from seabed resources and assess their importance for defense, manufacturing, and energy sectors in coordination with other key government departments.

International Collaboration

Efforts to engage with international partners for exploration and extraction support are stipulated, including seeking collaborative opportunities for U.S. companies while prioritizing countries aligned with U.S. strategic interests.

Reporting Requirements

Multiple reports must be submitted to Congress to assess market interest, explore feasibility for international benefit-sharing mechanisms for shared mineral resources, and evaluate private sector engagement in mineral resource development.

General Provisions

• The bill clarifies that it does not impair existing authorities of government departments.
• It states that no new rights or benefits are created for individuals or entities under this act that can be enforced at law.

Definitions

Several terms are specified in the bill, including those related to mineral types, exploration, leasing processes, and the definition of seabed mineral resources. These definitions help clarify the legislative intent and the scope of activities covered by the bill.

Relevant Companies

• RIO - Rio Tinto Group: A leading global mining and metals company that could participate in seabed mineral extraction initiatives.
• BHP - BHP Group: This multinational mining, metals, and petroleum company may engage in seabed resource exploration, especially for critical minerals.
• FCX - Freeport-McMoRan Inc.: A major player in the copper market that might expand its operations to include offshore mineral resources.
• NEM - Newmont Corporation: A leading gold miner that may explore seabed mining for valuable minerals including gold and other crucial elements.