National Rare Earth Cooperative Act of 2014 - Establishes the Thorium-Bearing Rare Earth Refinery Cooperative to provide for the domestic processing of thorium-bearing rare earth concentrates as residual unprocessed and unrefined ores.
Requires the Cooperative's Board to establish a refinery and a Thorium Storage, Energy, and Industrial Products Corporation to develop uses and markets for thorium, including energy.
Directs the Secretary of Defense (DOD) to coordinate with other federal agencies to advance and protect: (1) domestic rare earth mining, (2) the refining of rare earth elements, (3) basic rare earth metals production, and (4) the development and commercialization of thorium.
Authorizes the Secretary to acquire and maintain a 10% equity stake in the Cooperative in accordance with the Strategic and Critical Materials Stock Piling Act for the purpose of accessing strategic rare earth materials and eliminating the need to acquire them under such Act.