US Export-Import Bank's $12 Billion Vault Project to Secure Rare Earths
The US Export-Import Bank's Project Vault plans to invest $12 billion in sourcing critical minerals, initially including China. The initiative aims to stabilize supply chains for essential materials used in electric vehicle batteries and other technologies.
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Project Vault, a $12 billion initiative by the US Export-Import Bank, will initially source critical minerals globally, including from China. It will transition to prioritize domestic production and allied nations in replenishment efforts.
The project combines $2 billion in private capital with a $10 billion Ex-Im loan, aiming to buffer against mineral supply shocks. A recent panel in Washington, DC, revealed that domestic suppliers would be preferred even if their materials are more expensive. Additionally, a shell company linked to Donald Trump Jr. and Eric Trump is merging with a minerals group that received $1.6 billion in US government support to mine tungsten in Kazakhstan, potentially impacting US reliance on Chinese minerals for defense.
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