Biden Backs Price Support for U.S. Mineral Production in Critical Raw Materials Act

President's Plan Would Bolster Domestic Supply Chains

Act Includes Measures to Support Lithium, Nickel, Cobalt, and Graphite Production

President Joe Biden is backing legislation that would provide price support for U.S. production of critical minerals, including lithium, nickel, cobalt, and graphite. The Critical Raw Materials Act, introduced by Sen. Joe Manchin (D-WV) and Sen. Lisa Murkowski (R-AK), would provide $1 billion in loans and grants to companies that invest in domestic mineral production.

The legislation is designed to boost domestic production of critical minerals, which are essential for the production of electric vehicles, batteries, and other clean energy technologies. The United States is currently heavily reliant on imports of these minerals, which has made the country vulnerable to supply chain disruptions.

The Critical Raw Materials Act would provide funding for a variety of projects, including:

• Exploration and development of new mineral deposits
• Construction of new processing facilities
• Research and development of new technologies for extracting and processing critical minerals

The bill also includes provisions to streamline the permitting process for new mining projects and to provide workforce training for miners.

The Critical Raw Materials Act has been praised by industry groups and environmental advocates. The National Mining Association called the bill "a critical step toward securing our nation's supply of critical minerals." The Natural Resources Defense Council called the bill "a win-win for our economy and our environment."

The bill is expected to face some opposition from Republicans, who have traditionally been skeptical of government intervention in the private sector. However, the bill has the support of the Biden administration, which has made boosting domestic production of critical minerals a priority.

The Critical Raw Materials Act is a significant piece of legislation that could have a major impact on the U.S. economy and national security. The bill is expected to be debated in Congress in the coming months.