Donald Trump: U.S. President Donald Trump is set to launch a large-scale strategic stockpile of critical minerals, backed by $12 billion in initial funding, according to a Bloomberg News report citing sources familiar with the plan.
The initiative is seen as Washington’s latest effort to reduce dependence on China-dominated supply chains for minerals crucial to electric vehicles, advanced electronics and defence systems.
Project Vault To Secure Key Minerals
The proposed programme, dubbed Project Vault, will combine $1.67 billion in private capital with a $10 billion loan from the US Export-Import (Ex-Im) Bank. The funds will be used to acquire and store critical minerals such as lithium, nickel and rare earth elements for use by automakers, technology firms and other manufacturers, the report said.
Bloomberg noted that the stockpile would include materials prone to sharp price swings and supply disruptions, which have long challenged US mining and refining companies.
Reuters said it could not independently verify the report, while the White House did not immediately respond to requests for comment.
Major Corporations Back The Initiative
More than a dozen companies are expected to participate in the project. These reportedly include General Motors, Stellantis, Boeing, Corning, GE Vernova and Alphabet’s Google.
Procurement of raw materials for the stockpile will be handled by commodities trading firms Hartree Partners, Traxys North America and Mercuria Energy Group, Bloomberg reported.
Push Follows Bipartisan Move In Congress
The proposed stockpile comes weeks after a bipartisan group of US lawmakers introduced legislation seeking to create a separate $2.5 billion critical minerals reserve aimed at stabilising prices and boosting domestic mining and refining.
Bloomberg added that the Ex-Im Bank’s board is scheduled to vote later on Monday on approving the 15-year loan for Project Vault. If cleared, it would become the largest transaction in the bank’s history, more than twice the size of its previous biggest deal.
(Via Agency Inputs)
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