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5E Advanced Materials Applauds the U.S. Congress for its Acknowledgement and Support of Boron in the FY 2024 National Defense Authorization Act
The House-passed Act includes crucial language that indicates congressional awareness of the importance of boron for defense applications, and support for
About this update from 5e Advanced Materials, Inc.
[{"type":"text","content":"The House-passed Act includes crucial language that indicates congressional awareness of the importance of boron for defense applications, and support for further developing domestic supply chains for defense-critical materials\nHESPERIA, Calif., Sept. 14, 2023 (GLOBE NEWSWIRE) -- 5E Advanced Materials, Inc. (Nasdaq: FEAM) (ASX: 5EA) (“5E” or the “Company”), a boron and lithium company with U.S. government Critical Infrastructure designation for its 5E Boron Americas (Fort Cady) Complex, applauds the U.S. House of Representatives for including language in the Fiscal Year (FY) 2024 National Defense Authorization Act (NDAA) that directly highlights the importance of boron and boron derivatives in national defense applications and acknowledges the importance of onshoring the supply chains of critical materials for defense applications. This important boron legislative amendment to H.R. 2670 the FY24 NDAA was passed unanimously by the House Armed Services Committee on June 30, 2023. Per the amendment, the language in the NDAA directs the Department of Defense to study the importance of boron to the U.S. defense and its supply chains. The amendment, which was authored by Rep. John Garamendi (D-CA), was included as part of an en bloc package originally offered by Rep. Michael Waltz (R-FL). The amendment included supportive language that instructs the Under Secretary of Defense for Acquisition and Sustainment to conduct a review of the United States’ boron supply chains and to provide a report of its findings to Congress, specifically to the House Armed Services Committee regarding the nation’s current boron sources. This report is also expected to assess the vulnerabilities of boron supply chains and provide a detailed review of domestic producers and processors. Critically, the bill has passed the House and its companion measure has passed the Senate. Currently, staff from the Armed Services Committees across both chambers of Congress are negotiating a final version to resolve differences. Importantly, the amendment will be included in a final agreement given that the boron supply chain is part of the NDAA directive report language. While timing for final passage depends on the negotiations and various other factors, passage of the bill is tentatively expected by the end of CY 2023. “This inclusion of language supporting boron produc...