U.S. President Donald Trump is set to launch a strategic mineral reserve initiative, according to Jin10. The plan, named 'Project Vault,' aims to secure a $12 billion initial funding, combining $1.67 billion in private capital with a $10 billion loan from the U.S. Export-Import Bank. This initiative is designed to mirror the existing strategic petroleum reserve, focusing on the storage of rare earths and other critical minerals with strategic importance and volatile prices.
Over ten companies, including General Motors, Stellantis, Boeing, Corning, GE Vernova, and Google, are already participating in the project. Additionally, commodity trading firms Hartree Partners, Traxys North America, and Mercuria Energy Group have signed agreements to procure raw materials. The U.S. Export-Import Bank's board is scheduled to vote on the record-setting 15-year loan later on Monday.
President Trump plans to meet with General Motors CEO Mary Barra and mining billionaire Robert Friedland on Monday. Barra and Friedland represent the users and producers of critical minerals, respectively.