Here is an email from today’s box that is worth repeating. Makes you aware of the comments made to me yesterday by a client: “The US has not opened a new mine of note in decades and is now almost without mines. It’s all very well to import, but at what cost to domestic workers and long-term security?”
Wanted to forward along a letter sent to Congressional leadership yesterday afternoon from 38 companies, associations and chambers of commerce highlighting their alarm at growing U.S. dependence on foreign mineral and metal resources. Despite the nation’s $6.2 trillion worth of mineral and metal reserves, we remain 100 percent import reliant for 19 different minerals, and more than 50 percent dependent on foreign sources for another 22 key resources.
This issue isn’t going unnoticed —signatories to the letter represent nearly every sector of the American economy, including defense, energy, transportation, infrastructure, agriculture, technology, academia, electronics, finance, and medicine all united by the fact that their respective supply chains are left wanting for minerals and metals found right beneath our feet. In the face of this growing dependence, it’s no wonder that 100 percent of U.S. manufacturers cite achieving a secure and efficient supply chain as a serious challenge, according to a report by BDO USA released in May.
Signatories like the U.S. Chamber of Commerce, Dow Chemical, the National Mining Association (NMA) and the Auto Alliance are hoping to spur legislative action to encourage further exploration and production of domestic mineral resources— currently trapped underground due to an outdated regulatory framework for new mine permits.
Let me know if you would like to speak to NMA for more insight into the letter, as well as legislative goals and regulatory roadblocks facing new U.S. mineral and metal mines. Below is a press release issued by NMA on the letter.
A diverse group of 38 companies and organizations, representing nearly every sector of the American economy, asked Congress today to send critical minerals legislation to President Barack Obama for his signature.
The message was delivered in a coalition letter from the 38 signatories representing interests from the defense, energy, transportation, infrastructure, agriculture, technology, academic, electronics, finance, and medical sectors. The coalition wrote that they want to see legislation move forward and that they “stand ready to help make it happen.”
“As manufacturers, researchers, consumers, and developers of goods and services that rely upon critical minerals,” the letter stated, “we write to express our appreciation for progress made on critical minerals legislation, to encourage further advancement, and to offer our support for any related efforts.”
According to the coalition, critical minerals legislation will bolster America’s national and economic security, create jobs, and reduce America’s reliance on foreign countries. Urging bipartisan support, the letter said more timely permitting can be achieved “that is consistent with our nation’s environmental regulations” and which will “allow the United States to leverage its world-class mineral reserves.”
“A more robust supply of these raw materials would make the United States – already an attractive market for business – an even more advantageous place for investment going forward,” the letter concluded.
The House of Representatives passed Rep. Mark Amodei’s (R-NV-2) “National Strategic and Critical Minerals Production Act of 2013” last fall. The coalition is urging the Senate to move forward now.