Trump’s Mineral Reserve Plans to Buy Rare Earths From China
Bags of rare earth concentrates sit for transport at a mine in Mountain Pass, California.
Photographer: Joe Buglewicz/BloombergThe US Export-Import Bank’s proposed stockpiling initiative would initially source critical minerals from anywhere in the world, including China, an official involved in the project has revealed.
The $12 billion Project Vault would later shift to a replenishment model that prioritizes domestic production first, followed by allied nations and other sources as a last resort, executives including Ex-Im Chief Banking Officer Brian Greeley said Wednesday unveiling some of the first details publicly announced on the project. Greeley spoke alongside representatives of Glencore Plc. and Hartree Partners LP, which will be among trading houses procuring materials for Vault.