Trump unveils $12B mineral stockpile amid US-China race

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President Donald Trump on Monday launched a $12 billion mineral stockpile to buffer automakers, tech companies and other manufacturers from shortages and shocks as the U.S. reduces its reliance on Beijing.

The president’s new venture, dubbed “Project Vault,” will combine a $10 billion loan from the U.S. Export-Import Bank, as well as $1.67 billion in private capital. Ex-Im voted early Monday to approve the loan.

Trump is making the move just days before top administration officials kick off a high-level, inaugural meeting with more than 40 U.S. allies in Washington on Wednesday to discuss the creation of a minerals market with the use of a “pricing” mechanism to counter Beijing.

Creation of a critical mineral stockpile — an idea that’s also been pitched on a bipartisan basis on Capitol Hill — would include both rare earths and critical minerals needed for military and energy equipment, electric vehicles, and more.

Source: IRENA: Geopolitics of the Energy Transition: Critical Minerals