US to launch $12b critical minerals stockpile

WASHINGTON:

The United States is expected to launch a critical minerals stockpile with $12 billion in initial funding, a White House official confirmed Monday.

The project, which was first reported on by Bloomberg, is anticipated to bring together some $1.7 billion in private capital and a $10 billion loan from the Export-Import Bank of the United States (EXIM).

This would go towards securing and storing the key minerals for businesses like automakers and tech companies -- forming a stockpile for the US private sector -- the White House official confirmed on condition of anonymity.

It is expected to cover both rare earths and critical minerals, alongside other important elements that might see price volatility, Bloomberg reported.