Trump launches $12b minerals stockpile to counter China: report

Move aims to counter China’s price control on key minerals vital for EVs, weapons, hurting US miners

United States President Donald Trump is set to launch a strategic critical minerals stockpile with $12 billion in seed money, Bloomberg reported on Monday, citing people familiar with the matter.

The move would mark Washington’s latest attempt to counter what policymakers view as Chinese manipulation of prices for lithium, nickel, rare earths and other critical minerals vital for products ranging from electric vehicles to high-tech weaponry, which has stymied US mining companies for years.

Bloomberg said the venture, dubbed Project Vault, will combine $1.67b in private funding with a $10b loan from the US Export-Import Bank to acquire and stockpile minerals for automakers, technology companies and other manufacturers.

Reuters could not immediately verify the report. The White House did not immediately respond to a request for comment.

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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.

Commodities trading firms Hartree Partners, Traxys North America and Mercuria Energy Group would manage procurement of raw materials for the stockpile, Bloomberg added.

The stockpile is expected to include rare earths, critical minerals and other strategically important elements subject to volatile prices, the report said.

Last month, a bipartisan group of US lawmakers introduced a bill to create a $2.5b critical minerals stockpile aimed at stabilising market prices and encouraging domestic mining and refining.

The Export-Import Bank’s board is expected to vote later today on authorising the 15-year loan, which would be more than double the size of the bank’s next-largest transaction, Bloomberg reported.