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US announces new policy for offshore mineral exploration

The U.S. administration of President Donald Trump announced Wednesday policy changes that it claimed would accelerate the search and exploration for critical minerals offshore.

The Bureau of Ocean Energy Management and the Bureau of Safety and Environmental Enforcement update policies at all stages of the development process to "reduce delay, improve coordination and give greater certainty to industry", according the U.S. Interior Department released a statement.

Why it's important

The Trump administration is working to reshape a vital mineral industry that has been dominated by China - the U.S.'s top economic rival.

The Interior Department's policy update follows an April executive order from Trump aimed at improving U.S. accessibility to critical minerals such as nickel, copper, and others.

DETAILS

Interior Department stated that BOEM plans to extend early-stage permits from three to five years.

The administration will reduce "unnecessary compliance and paperwork steps" in order to expedite approvals for mapping and testing.

BOEM will identify potential areas for development, without issuing an official request for information. The department also said that it would form a task force in conjunction with federal and state agencies to accelerate the leasing process.

The U.S. Geological Survey is providing the Bureaus with scientific data about critical mineral resources as well as environmental impacts and hazards related to seafloor development. Ismail Shakil, Ottawa; Ed Osmond, Ottawa.

(source: Reuters)