S. 2860: Revitalizing America’s Offshore Critical Minerals Dominance Act

This legislation, known as the Revitalizing America’s Offshore Critical Minerals Dominance Act, aims to enhance the United States' capabilities in exploring and extracting critical minerals from the seabed, particularly in areas of the Outer Continental Shelf. The primary objectives set forth in the bill include the following:

Key Findings

• The U.S. has a vital interest in leading in deep-sea science and technology.
• There are significant economic and national security challenges in securing a steady supply of critical minerals without relying on foreign sources.
• The offshore seabed contains numerous critical minerals essential for the economy and energy independence.

Policy Goals

The bill establishes a clear policy direction towards:

• Expedited development of domestic capabilities for seabed mineral exploration and processing.
• Encouraging investment in deep-sea science and technology.
• Enhancing cooperation among various government departments concerning seabed mineral development.
• Positioning the U.S. as a leader in responsible practices related to seabed mineral extraction.
• Creating a robust domestic supply chain for critical minerals.
• Strengthening international partnerships to counteract foreign control over mineral resources.

Implementation Measures

The legislation outlines specific actions to be taken following its enactment, including:

• Licensing and Permitting: The Secretary of Commerce is tasked with streamlining the review and issuance of licenses for exploration and permits for commercial recovery under existing laws within 60 days of the bill passing.
• Mapping the Seabed: A plan will be developed to map priority seabed areas to facilitate data collection and characterization of mineral resources.
• Identification of Critical Minerals: The Secretary of the Interior will identify critical minerals that could be extracted from the seabed, in consultation with defense and energy sectors.
• International Engagement: The Secretary of Commerce will engage with allies to support seabed mineral resource activities, aiming to foster scientific collaborations and commercial opportunities.

Reporting Requirements

Furthermore, the bill mandates several reports to be submitted to relevant congressional committees, which will include:

• Identifying private sector interests in seabed resources.
• Assessing the feasibility of international mechanisms for benefit-sharing in mineral resource development beyond national jurisdictions.

Definitions and Scope

The bill contains specific definitions for terms such as "commercial recovery," "critical mineral," and "seabed mineral resource," helping clarify the scope of activities it covers. Critical minerals identified include metals like nickel, cobalt, copper, and rare earth elements, all of which are considered important for national security and economic growth.

Relevant Companies

• FCX (Freeport-McMoRan Inc.): Engaged in mining and processing of copper, gold, and molybdenum, potential beneficiary from expanded seabed resources.
• VALE (Vale S.A.): Involved in mining nickel and other minerals; may have interests in seabed nickel resources.
• NEM (Newmont Corporation): Gold mining company that could explore partnerships in seabed resource extraction.