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(Bloomberg) — A $12 billion critical minerals stockpile project being developed by the US Export-Import Bank will be open to all trading companies, rather than just those named as suppliers when the initiative was launched in February.
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Hartree Partners LP, Traxys North America LLC and Mercuria Energy Group Ltd. — the firms mentioned in the Feb. 2 statement — helped “brainstorm and stress test” the Project Vault initiative, Ex-Im Bank Chairman John Jovanovic said in an interview with Bloomberg Thursday. But while the bank expects those firms to participate, there are no preferred suppliers or providers, he added.
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“It is truly an open source, demand-driven model,” Jovanovic said.
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Explainer: Can Anyone Loosen China’s Grip on Critical Minerals?
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Jovanovic is looking to have Project Vault up and running this year. The initiative would be President Donald Trump’s latest effort to aid manufacturers while minimizing reliance on minerals processed in China, thereby helping to buttress the economy from supply shocks. The project combines about $2 billion in private capital with a $10 billion loan from Ex-Im Bank.
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The venture will offer participating manufacturers a way to insulate their businesses from swings in prices for key materials without having to maintain their own stockpiles. While the effort will focus on rare earths and niche metals such as gallium, which is used in products like jet engines and iPhones, the mandate covers all 60 minerals deemed as critical by the US Geological Survey, he said.
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“Copper is one of the 60,” Jovanovic said when asked if US manufacturers are looking to procure the wiring metal through Project Vault.
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