This legislation aims to bolster the United States' and its allies' access to critical minerals and rare earth elements. It mandates the Secretary of the Interior, in consultation with other federal agencies, to submit comprehensive biennial reports to Congress on global critical mineral and rare earth element resources, including recycled materials. These reports will specifically assess which resources are under the control of foreign entities of concern and which are owned or controlled by the United States or its allies and partners.

The required reports must detail information about significant mines, including annual output, remaining reserves, operating entities, and ultimate beneficial owners. They will also identify key foreign entities of concern and US/ally entities involved in mining, alongside an assessment of the technical feasibility for US and allied entities to develop resources not controlled by adversaries. Additionally, the bill seeks to identify instances where entities were forced to divest stock in critical mineral operations due to regulatory rulings by a covered nation, or where operations were taken over by such nations.

To further secure supply chains, the bill requires the Secretary to establish a process for United States persons to notify the government of their intent to divest stock in foreign critical mineral operations. This process would allow the Secretary to provide assistance in finding purchasers not controlled by a covered nation. Finally, the legislation directs the development of a strategy for collaborating with allied governments on advanced mining, refining, separation, processing, and recycling technologies, including a method for sharing resulting intellectual property to enable allies to develop their own resources.