The United States has one of the world's largest mineral repositories, with reserves of more commodity minerals and metals than any other country.

And yet, less than half the minerals U.S. manufacturers use come from domestically mined resources, leaving them dependent on foreign sources to meet the majority of their mineral needs. In fact, our dependence on key mineral imports has doubled in the last two decades. Today, our share of global investment in metals mining is 8 percent—down from 21 percent in 1993—increasing our dependence on imports, even for minerals we could produce at home.

This reliance, coupled with flat production at home, places the United States at greater risk of facing supply disruptions and hinders the possible economic growth minerals mining can provide.

This is an unsustainable trend, especially as worldwide demand continues to increase. Emerging economies, such as China and India, are competing for the same resources and, as world population grows, more and more developing countries are embracing new technologies that rely on even greater combinations of minerals.

Compounding these issues, an outdated regulatory and permitting process makes investments in U.S. mining unattractive and threatens our ability to get these minerals into the supply chain. These policies can add years—sometimes more than a decade—to a permitting process that takes about 18 months in other countries. When you consider that commodity cycles are historically 20 years in duration, the 10 years it takes to obtain permits in this country means we are asking U.S. mining to compete in a race that is halfway over while we're still in the starting blocks.