United States President Donald Trump is set to launch a strategic critical minerals stockpile with $12 billion in seed money, according to Bloomberg, citing people familiar with the matter. The move marks Washington’s latest attempt to counter what policymakers view as Chinese manipulation of prices for lithium, nickel, rare earths and other critical minerals vital for products ranging from electric vehicles to high-tech weaponry, which has stymied US mining companies for years.
Bloomberg reported that Project Vault will combine $1.67 billion in private funding with a $10 billion loan from the US Export-Import Bank to acquire and stockpile minerals for automakers, technology companies and other manufacturers.
The project has attracted participation from more than a dozen companies, including General Motors, Stellantis, Boeing, Corning, GE Vernova, and Alphabet’s Google. Commodities trading firms Hartree Partners, Traxys North America, and Mercuria Energy Group will manage procurement of raw materials for the stockpile, Bloomberg added.
The stockpile is expected to include rare earths, critical minerals, and other strategically important elements subject to volatile prices.
Last month, a bipartisan group of US lawmakers introduced a bill to create a $2.5 billion critical minerals stockpile aimed at stabilizing market prices and encouraging domestic mining and refining.
The Export-Import Bank’s board is expected to vote today on authorising the 15-year loan, which would be more than double the size of the bank’s next-largest transaction.