Bipartisan senators unveiled legislation that would authorize $750 million to create a federal pilot program to bolster the nation’s mineral processing capabilities.
Colorado Democrat John Hickenlooper, Delaware Democrat Chris Coons, South Carolina Republican Lindsey Graham and Indiana Republican Todd Young on Wednesday introduced S. 5251, the “Critical Materials Future Act,” which would task the Department of Energy with supporting at least three domestic mineral refining or recycling projects.
“China is rivaling American dominance by controlling the critical minerals market,” Hickenlooper said in a statement. “Boosting our domestic processing is how we’ll maintain American leadership in the world.”
DOE would be able to deploy financial incentives to support the projects, including setting a price floor and forward-contracts. It would also be able to use authorities under the Department of Energy Organization Act to pen agreements with other entities.
