Texas Mineral Resources Corp., an exploration company targeting the heavy rare earths and a variety of other high-value elements and industrial minerals, is pleased to announce support for Congressman Duncan Hunter H.R. 1407 METALS bill, introduced on March 7th, as the Materials Essential To American Leadership and Security Act. The full text of the bill may be found at the following link: https://www.congress.gov/bill/115th-congress/house-bill/1407/text The bill seeks to, among other things, create a working capital fund administered by the DOD Logistics Agency (DLA) that would allow domestic companies to access capital necessary for the production of strategic and critical materials through five-year interest free loans.
Congressman Hunter bill addresses the need to re-align the current supply chain for strategic and critical materials away from China and back to the U.S. as it applies to defense and national security applications. According to a study sponsored by the European Union, China currently controls 100% of the world heavy rare earth supply and 85% of the world light rare earth supply. A report published by the non-partisan Congressional Research Service notes that rare earth minerals are the building blocks of virtually every product produced by the defense industry. TMRC Round Top Project, located on state property approximately 70 miles southeast of El Paso, Texas, proposes to produce heavy rare earth minerals along with co-products such as scandium from coal overburden. In September, 2016 the Office of Fossil Energy of the U.S. Department of Energy issued a $23.75 million Financial Assistance Funding Opportunity Announcement titled... Production of Salable Rare Earth Elements from Domestic U.S. Coal and Coal By-Products. TMRC, its processing partners Inventure Renewables and K Technologies and Penn State University have jointly submitted an application for this grant.
Original URL: https://finance.yahoo.com/news/texas-mineral-resources-supports-h-100000911.html
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