President Trump is preparing to unveil a critical minerals reserve backed by $12 billion in funding, including a $10 billion loan from the U.S. Export-Import Bank, according to a Trump administration official.
The initiative, known as Project Vault, will pool the EXIM loan with private investment to purchase and stockpile minerals for automakers, tech companies, and other manufacturers. EXIM’s board is expected to approve the 15-year loan later Monday.
Trading firms Hartree Partners, Traxys North America, and Mercuria Energy Group are slated to handle procurement of the raw materials. Officials said the reserve aims to maintain a 60-day supply of critical minerals for emergency needs.
