HOUSTON, February 2 (Argus) - The US government will establish a $12 billion critical mineral reserve for domestic manufacturers, named "Project Vault", with $2 billion in funds provided by private sources and up to $10 billion in loans from the US Export-Import Bank (EXIM).
The Vault project will provide strategic reserves of key minerals for original equipment manufacturers, storing raw materials in facilities across the United States and establishing a secure supply chain through public-private partnerships.
Industry partners Clarios, GE Vernova, Western Digital and Boeing have signed agreements, while Hartree, Traxys and Mercuria will provide key minerals for Project Vault. EXIM Chairman John Jovanovic said on Monday that the focus of this reserve will be to ensure the supply chain of non-military manufacturing complexes.
The Defense Logistics Agency is an agency under the Department of Defense that purchases and manages strategies and key materials for US defense reserves for military applications and federal customers.
