S. 1463: Finding Opportunities for Resource Exploration Act

This bill, officially titled the **Finding Opportunities for Resource Exploration Act**, aims to enhance cooperation between the United States and partner foreign countries in the mapping of critical minerals and rare earth elements. Here are the key components of the bill:

Definitions

• Critical minerals: Minerals deemed essential for the economy, as defined by the Energy Act of 2020.
• Rare earth elements: A group of minerals including elements like neodymium, cerium, and europium, which are important in various technologies.
• Partner foreign country: A nation recognized as a source for critical minerals or rare earth elements.

Memorandum of Understanding

The bill allows the Secretary of the Interior to enter into memoranda of understanding with agencies from partner foreign countries. This cooperation focuses on the following:

• Mapping assistance: Helping the partner countries map their reserves of critical minerals and rare earth elements.
• Development rights: U.S. or allied companies would get priority in developing identified resources in partner countries.
• Investment facilitation: Encouraging private investments in resource exploration, including using preferential loans from U.S. financial institutions.
• Data protection: Ensuring that mapping data is secured from unauthorized access by entities from non-partner countries.

Cooperative Activities

The collaborative efforts involved in these memoranda can include:

• Gathering and analyzing geological and mineral data.
• Creating assessment maps for mineral resources.
• Enhancing geoscience through scientific collaboration.
• Training in areas related to the management of natural resources.
• Facilitating education and specialized training at institutions of higher education.
• Teaching international standards to officials and companies from partner countries.

Oversight and Notification

The Secretary of the Interior is required to notify Congress before signing a memorandum, providing a 30-day advance notice. The Secretary must also work with the Secretary of State to determine which countries to engage with.

Consultation with Private Sector

The bill mandates that the Secretary of the Interior consults private sector stakeholders when selecting partner nations and assessing how these agreements can facilitate U.S. private sector interests in critical mineral development.

Relevant Companies

• MP Materials Corp (MP): This company is a leading supplier of rare earth materials and may benefit from increased access to resources through this bill.
• Albemarle Corporation (ALB): As a significant player in lithium production, Albemarle may gain from enhanced mineral mapping and investment opportunities.
• REE Automotive (REE): Focused on electric vehicle technologies that utilize rare earth elements, REE may see potential benefits from improved supply chain security and availability of resources.