A bill to amend the Mining and Minerals Policy Act of 1970.

Directs each department and agency of the United States to undertake an immediate review of its existing statutory authority, regulations, policies, and procedures for the purpose of determining whether there are any deficiencies or inconsistencies therein which prohibit full compliance with the purposes and provisions of this Act and the Mining and Minerals Policy Act of 1970.

Requires that on or before July 31, 1974, and not less than annually thereafter, the President of the United States shall transmit to the Congress a report on the domestic mining, minerals, and metal and mineral reclamation industries, including a statement of the trend in utilization and depletion of these resources, together with such recommendations for legislative action as may be necessary to implement the policy of the Mining and Minerals Policy Act of 1970.

Establishes in the Executive Office of the President a Council on Mineral Resources.

Sets forth the duties and functions of the Council, including: (1) to develop and recommend to the President national policies to foster and promote the improvement of domestic mining, minerals, and metal and mineral reclamation industries goals of the Nation; (2) to conduct investigations, studies, surveys, research, and analyses relating to domestic mining and mineral resources; and (3) to document and define changes or trends on the state of domestic mining, minerals, and metal and mineral reclamation and to interpret the underlying causes.

Authorizes appropriations to carry out the provisions of this Act not to exceed $300,000 for fiscal year 1975, $700,000 for fiscal year 1976, and $1,000,000 for each fiscal year thereafter.