Overview
- The proposed initiative, reported as Project Vault, targets an initial funding of at least $12 billion to acquire and store rare earths and other critical minerals for U.S. manufacturers.
- Financing would combine about $1.67 billion in private capital with a $10 billion U.S. Export‑Import Bank loan that would be the bank’s largest if approved.
- The Ex‑Im board was expected to vote on authorizing the roughly 15‑year loan, according to the reporting.
- Reported participants include General Motors, Stellantis, Boeing, GE Vernova and Alphabet, with commodity traders Hartree Partners, Traxys North America and Mercuria slated to manage purchases.
- The effort follows warnings about China’s dominance across the supply chain—roughly 60% of extraction, about 90% of refining and over 90% of magnet output—as ministers from around 20 economies gather in Washington to advance allied cooperation, with demand projected to surge by about 477% from 2025 to 2050.