Green Technology Solutions Inc. announced its support for the Critical Minerals Policy Act, a bipartisan bill introduced to the United States Senate last month and aimed at reducing the U.S.'s dependence upon foreign suppliers such as China for its rare earths and other critical minerals.
The bill was introduced by 17 Senators, both Republicans and Democrats. The legislation directs the U.S. Geological Survey to establish a new list of minerals critical to the U.S. economy and provides a comprehensive set of policies designed to address each economic sector that relies upon critical minerals.
Rare earths and other critical minerals are essential to the manufacture of green technologies including wind turbine generators, advanced solar panels and electric car batteries. They are also used to produce modern military defense systems such as laser-guided missiles. Currently, China supplies more than 95% of the world's rare earths, creating potential economic and security vulnerabilities for the U.S. and its allies. In recent years, China has reduced export quotas, raised mineral taxes and restricted mining licenses in an effort to tighten its stranglehold over the critical elements.
GTSO says it is working to help increase the availability of rare earths and other critical minerals in the U.S. through its efforts to develop new rare earth mines in Mongolia, the Republic of Congo, Botswana, Kenya and elsewhere.