SECURE Minerals Act of 2024

This bill establishes the Critical Mineral Reserve of the United States, a trust to support domestic and allied production of critical minerals and materials, stabilize prices, and reduce reliance on foreign adversaries like the People's Republic of China. It creates a Board of Governors, licenses authorized market makers, and provides loans to support producers of at-risk critical minerals.

Sec. 3, Establishment of Reserve: Creates a trust called the Critical Mineral Reserve of the United States, which is not a government agency. Its purposes include supporting domestic and allied extraction and recycling, stabilizing prices, maintaining adequate supplies, and facilitating distribution. It requires an annual independent audit, allows civil actions for violations, and appropriates $2.5 billion for fiscal year 2025. The Reserve must ensure that at each supply chain stage, the production rate (domestic and allied share) is at least 40% and the dependence rate (share from foreign entities of concern) is no more than 60%, prioritizing domestic projects and those with 100% dependence.

Sec. 4, Board of Governors of Reserve: Establishes a 7-member Board appointed by the President with Senate confirmation. Members must have experience in mineral industries and financial instruments, and cannot have financial interests in authorized market makers or at-risk CMMs. The Chairman serves a single 5-year term, the Vice-Chairman a 2-year term, and other members staggered 6-year terms. At least one member must be a member of a Tribe. Members cannot hold other employment.

Sec. 5, Duties and Authorities of Reserve: The Reserve must develop datasets on global critical mineral markets, identify market conditions needing intervention, and determine at-risk CMMs. It may provide loans to authorized market makers to enter financing and purchasing agreements with producers, covering the difference between all-in sustaining cost and market price, or agreeing to purchase at or above all-in sustaining cost. Preferential loan terms may be given for domestic or allied projects.

Sec. 6, Authorized Market Makers: The Board must license at least 5 authorized market makers within 270 days, with at least 2 being small businesses. No more than 5 may be licensed at a time. Licenses last 5 years and can be revoked. Eligible entities must be private, domestically domiciled corporations with relevant expertise and no influence from foreign entities of concern.

Sec. 7, Report: The Board must submit an annual report to the President, Comptroller General, OMB Director, and Congress on Reserve operations, including administration, compliance, recommended changes to market maker limits, and loan summaries. The report may not be made publicly available.

Sec. 8, Definitions: Defines key terms including all-in sustaining cost, allied countries, at-risk CMM, authorized market maker, Board, Chairman, covered nation, critical mineral and material, dependence rate, due diligence, foreign entity of concern, PRC, production rate, and purposes and mandate of the Reserve.