US Lawmakers Mull Bill To Support Deep-Sea Mining Aimed At Challenging China's Grip On Critical Minerals
Portfolio Pulse from Piero Cingari
U.S. lawmakers are set to introduce the Responsible Use of Seafloor Resources Act of 2024 to boost deep-sea mining and reduce reliance on China for critical minerals like nickel, manganese, and cobalt. The bill, led by Reps. Carol Miller and John Joyce, aims to provide financial, diplomatic, and infrastructural support for mining seafloor nodules. This move is in response to China's control over 60% of global critical mineral production and over 85% of refining capacity. The bill also addresses environmental concerns by including directives for comprehensive reports and analyses on the impact of deep-sea mining.
March 12, 2024 | 8:05 pm
News sentiment analysis
Sort by:
Descending
POSITIVE IMPACT
The SPDR Metals & Mining ETF (XME) may see increased interest as the U.S. moves to support deep-sea mining, potentially diversifying sources of critical minerals and reducing reliance on China.
The introduction of the Responsible Use of Seafloor Resources Act of 2024 could lead to increased investment in deep-sea mining projects, potentially benefiting companies and ETFs like XME involved in the metals and mining sector. As the U.S. seeks to reduce its dependency on China for critical minerals, assets related to mining and mineral processing may see a positive impact. However, the actual impact on XME will depend on the bill's progress and implementation details.
CONFIDENCE 70
IMPORTANCE 80
RELEVANCE 75