The actual bill is here:
https://www.rubio.senate.gov/public....re-coop-21st-century-manufacturing-act--.pdfI’ve attempted to summarise the Bill below.
The Bill provides for the establishment of the
Thorium-Bearing Rare Earth Refinery Cooperative and the
Thorium Storage, Energy, and Industrial Products Corporation.One of the benefits cited is to “lower the cost of the production and financial risks faced by rare earth producers in the United States”.
If enacted the Secretary of Commerce shall coordinate a Federal charter within 60 days for the Cooperative that will be privately funded and managed.
The Cooperative
shall:
- coordinate the establishment of a US RE value chain to serve the national security needs of the US and the needs of industry in the US;
- produce products that use RE elements, including metal powders (such as oxides and salts, including chlorides and nitrates), metals containing RE elements, alloys, magnets, and other value-added products using rare earth elements, as required by (i) the owners of, and investors in, the Cooperative; and (ii) the defense industry of the US.
The Bill then lists a number of things the Cooperative
may do, including:
- accept domestic and international investment from (i) commercial or industrial users of RE products or (ii) any of the resource suppliers of the Cooperative
- accept investment or funding from foreign governments, State agencies, or State sponsored entities, including universities or research institutions ( subject to the approval of the Committee on Foreign Investment in the United States)
- distribute finished goods and profits in proportion to investment
- on behalf of the owners of the Cooperative, sell surplus finished goods on the open market
- accept and process RE or other critical minerals, with elevated levels of thorium or uranium that are (i) mined in the US; (ii) from any domestic waste product, co-product, or byproduct of some other mined commodity; or iii) produced by any foreign supplier that has invested in the Cooperative.
The Bill then seems to provide some sort of benefit under the Code of Federal Regulations for accepting unrefined and unprocessed ore. Others might be able to assist what this implies but I would suggest it is in direct contrast to Malaysia’s approach of forcing Lynas to invest in the WA cracking facility.
If enacted the Bill requires that the Secretary of Energy coordinate a charter within 60 days for the establishment of a privately funded and managed
Thorium Storage, Energy, and Industrial Products Corporation.
The Corporation
shall:
- on a preprocessing basis, assume liability for and ownership of all thorium and mineralogically associated or related actinides and decay products contained within the rare earth element ores utilized by the Cooperative
- take physical possession and safely store all thorium-containing actinide byproducts, with the costs of the storage to be paid by the Cooperative
- manage the sale of all valuable actinide and decay products, utilizing the proceeds for the development of commercial uses and market for thorium, including energy
- Establish a ‘‘Thorium Bank’’
- provide safe and long-term storage for all thorium produced as a byproduct in the production of rare earth elements for the Cooperative
- hold and maintain financial surety bonding and insurance consistent with private industry standards.
The Corporation
may:
- establish an ‘‘Industrial Products Corporation’’, for the certification, licensing, insuring, and commercial development of all nonenergy uses for thorium (including thorium isotopes and thorium daughter elements), including alloys, catalysts, medical isotopes, and other products.
- establish not less than 1 energy products, energy systems, or energy applications division for the certification, licensing, insuring, commercial development, deployment, lease, and licensing of such products and services.
There is also section that provides for the Cooperative and the Corporation to apply for funding assistance provided by any relevant grant or loan program carried out by the Department of Energy, the Department of Defense, or the Department of Commerce.
(20min delay)