Last week, the U.S. House of Representatives approved a bill that amends the Energy Act of 2020 to broaden the definition of critical minerals to include materials designated by the energy department. The bill in question, the Critical Mineral Consistency Act of 2024, was passed with bipartisan support of Democrats and Republicans.
Under current regulations, the critical minerals list contains minerals that are needed for energy, including those on a similar list by the United States Geological Survey.
The bill directs that the geological survey include the materials in the energy department’s list on its own list. In detail, it stipulates that within 45 days of the Department of Energy adding a mineral, material, substance or element to its critical minerals list, the agency must also update its list.
In a statement, Congressman Juan Ciscomani of Arizona said that critical minerals were vital for clean energy technologies, national security and the economy. He added that America needed to ensure that there was access to a reliable supply of these resources as their demand continued to increase.
Ciscomani, who sponsored the bill, explained that the legislation would ensure uniformity between the Department of Energy’s and U.S. Geological Survey’s critical minerals list. This, he noted, would help strengthen the domestic supply chain and include silicon carbide, silicon, electrical steel and copper on the critical materials list.
In a news release, CEO Adam Estelle of the Copper Development Association stated that this decision underscored the important role copper played in strengthening infrastructure, creating jobs, electrifying transportation and powering the energy future of the United States. Copper possesses a number of unique properties, including its unparalleled recyclability, durability, and conductivity, all of which make it essential for renewable energy systems, advanced defense tech, and electric vehicles.
Estelle added that this was a huge win for the clean energy transition and manufacturing in America, as well as the country’s global competitiveness.
The bill also includes provisions to decrease reliance on foreign imports of critical minerals by encouraging domestic mining, recycling and refining efforts. This is in addition to standardizing criteria for identifying critical materials.
Further, the bill ensures that critical material projects are eligible for the FAST-41 program. This structure is focused on establishing two-year completion objectives and improving coordination between agencies, with the primary focus being the creation of a more timely, predictable, and efficient environmental review process for projects at the federal level.
The legislation has been advanced to the Senate for approval.
When this bill gets enacted, it could create conditions that favor North American gold companies like Aston Bay Holdings Ltd. (TSX.V; BAY) (OTCQB: ATBHF) since supplies from jurisdictions considered to be allies would be given priority.
NOTE TO INVESTORS: The latest news and updates relating to Aston Bay Holdings Ltd. (TSX.V: BAY) (OTCQB: ATBHF) are available in the company’s newsroom at https://ibn.fm/ATBHF
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