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Trump Launching Massive Stockpile To Break China’s Critical Mineral Chokehold
The Trump administration is planning to create a critical mineral stockpile with $12 billion in startup capital, Bloomberg News reported
The Trump administration is planning to create a critical mineral stockpile with $12 billion in startup capital, Bloomberg News reported Monday.
The plan — called Private Vault — aims to insulate American manufacturers from a Chinese monopoly on rare earths, according to Bloomberg News, and will launch with over $1 billion in private funding and a $10 billion loan from the U.S. Export-Import Bank. While the U.S. set up the Strategic Petroleum Reserve when the Middle East dominated the oil sector in the 1970’s, Project Vault would constitute a first-of-its-kind initiative for the private market as China controls the global critical mineral supply chain, Bloomberg News reported.