The United States is preparing to launch Project Vault, a strategic critical minerals stockpile, as part of efforts to strengthen supply chains and reduce reliance on China.
According to a Trump administration official, US President Donald Trump will back the initiative with $12 billion in financing, including a proposed $10 billion, 15-year loan from the US Export-Import Bank (EXIM).
The stockpile will target lithium, nickel, rare earths and other critical minerals essential for electric vehicles, defence systems and high-tech manufacturing.
Key developments
• EXIM Bank board to vote on the loan authorisation
• General Motors CEO Mary Barra and mining investor Robert Friedland expected to meet President
• Procurement to be managed by Hartree Partners, Traxys North America, and Mercuria Energy Group
• Aim to maintain a 60-day emergency supply and stabilise prices
The plan coincides with bipartisan legislation proposing a separate $2.5 billion US minerals stockpile.
ℹ️ Reuters
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