Under Project Vault, unveiled last week, the US will buy and store emergency supplies of a range of critical minerals for manufacturers such as carmakers to use in times of crisis. The country’s Export-Import Bank will stump up $10bn in loans to help finance the procurement of metals — including rare earth elements and gallium — that three trading companies will purchase.
The announcement came during a heady week for minerals diplomacy in Washington where officials hosted representatives of dozens of countries including Argentina, Brazil and South Korea, penned bilateral agreements and outlined plans to form a trade zone for critical minerals with allies including Japan and the EU.
...
Vault is part of the US’s broader effort to break its dependency on China for a wide range of metals that are vital to industries including energy, technology and defence — the control of which Beijing has demonstrated a willingness to weaponise.
China restricted access to a range of metals including rare earths to US buyers during last year’s trade war with Washington.
Adam Muellerweiss, president of the Responsible Battery Coalition, said: “Project Vault helps ensure Americans are never held hostage to adversarial supply chains for something this essential.”
Read the full story in Financial Times' Energy Source.
