President Trump is set to launch a critical minerals stockpile with $12 billion in seed money from the U.S. Export-Import Bank, according to a report.A Trump administration official told Reuters about the plan, the newswire reported Monday.
The venture, called Project Vault, will combine a $10 billion loan from the EXIM Bank with private funding to acquire and stockpile the minerals for automakers, technology companies, and other manufacturers.
EXIM’s board is set to authorize the 15-year, $10 billion loan in a vote later Monday.
Trading firms Hartree Partners, Traxys North America, and Mercuria Energy Group would manage the procurement of raw materials for the stockpile, according to the official.
One of the goals of the venture is to allow for a 60-day supply of minerals for emergency use, the official said.
The White House did not immediately respond to Reuters’ request for comment.
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