By Agency Staff
Bengaluru – US President Donald Trump is set to launch a strategic critical minerals stockpile with $12bn in seed money, Bloomberg News reported on Monday, citing people familiar with the matter.
The reported move would mark Washington’s latest attempt to offset what policymakers view as Chinese manipulation of prices for lithium, nickel, rare earths and other critical minerals — vital for items from electric vehicles to high-tech weaponry — that has stymied American mining companies for years.
Bloomberg said the venture, Project Vault, will combine $1.67bn in private funding with a $10bn loan from the US Export-Import Bank to acquire and stockpile the minerals for carmakers, technology companies and other manufacturers.
Read: SA launches plan to boost critical minerals value
Reuters could not immediately verify the report. The White House did not immediately respond to a request for comment.
The project has attracted participation from more than a dozen companies, including General Motors, Stellantis, Boeing, Corning, GE Vernova and Alphabet’s Google, the report said.
It said commodities trading firms Hartree Partners, Traxys North America and Mercuria Energy Group would manage the procurement of raw materials for the stockpile.
The stockpile is expected to include rare earths and critical minerals, as well as other strategically important elements that are subject to volatile prices, the Bloomberg report added.
Last month, a bipartisan group of US legislators introduced a bill to create a $2.5bn stockpile of critical minerals, a move aimed at stabilising market prices and encouraging domestic mining and refining.
The Ex-Im Bank’s board will vote later on Monday on authorising the record 15-year loan, more than double the size of the bank’s next largest transaction, Bloomberg reported.
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