S. 1463

Title

Finding ORE Act

Summary

Finding Opportunities for Resource Exploration Act or the Finding ORE Act This bill allows the U.S. Geological Survey (USGS) to enter into a memorandum of understanding (MOU) to partner with a foreign country in mapping the country's reserves of critical minerals and rare earth elements. A critical mineral is any mineral, element, substance, or material designated as critical by USGS because it is essential to U.S. economic and national security, has a vulnerable supply chain, and serves an essential function in manufacturing a product. Rare earth elements have catalytic, magnetic, electrical, and luminescent properties vital for civilian and defense purposes. In negotiating a MOU, USGS must seek to increase the security and resilience of international supply chains for critical minerals and rare earth elements by committing to assisting the partner foreign country through cooperative activities that help it map reserves; ensuring that private companies headquartered in the United States or an allied foreign country are offered the right of first refusal in the further development of critical minerals and rare earth elements in the partner foreign country; facilitating private-sector investment in the exploration and development of critical minerals and rare earth elements; and ensuring that the mapping data is protected against unauthorized access by, or disclosure to, governmental or private entities based in non-allied countries. USGS must obtain the concurrence of the Department of State in prioritizing and selecting partner foreign countries, negotiating or implementing a MOU, and notifying and reporting to Congress about issues related to a MOU.

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