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On May 16, 2012, the U.S. House of Representatives
Committee on Natural Resources passed the National Strategic
and Critical Minerals Act (H.R. 4402), legislation intended to
streamline the permitting process for mining operations in the
United States. The bill directs the Secretary of the Interior and
the Secretary of Agriculture to more efficiently develop domestic
sources of minerals of strategic and critical importance to U.S.
economic, national security and manufacturing
capabilities.
Sponsors of the bill cited the need to eliminate duplicative
regulations and improve coordination among U.S. federal, state,
local and tribal agencies with jurisdiction over mining operations,
noting that the United States has one of the longest permitting
processes in the world. Support for the legislation, which was
approved on a 27-10 vote, was motivated in part by concern over
adverse implications for U.S. national security resulting from
China's efforts to control the mining and export of rare
earths. These minerals are critical to a wide variety of products
ranging from satellites and night vision goggles to green energy
technology used in wind turbines and hybrid vehicles. While the
United States possesses vast mineral resources, it has become
increasingly dependent upon foreign sources of strategic
minerals.
The legislation will now go to a floor vote in the U.S. House of
Representatives, although a date for the vote has yet to be
scheduled.
Similar efforts to streamline the review and permitting process
for mining projects is underway in Canada, where the Harper
Government has recently announced its Responsible Resource
Development initiative as part of its Economic Action Plan
2012.
Kevin Cramer is a partner who practices U.S.
mergers & acquisitions and securities law.
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