<div id="readability-page-1"><div>As we reported in February, the US Export-Import Bank’s proposed rare earth stockpiling initiative would initially source critical minerals from anywhere in the world - including China, an official involved in the project revealed to Bloomberg.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 OfficerBrian Greeleysaid lastt week, unveiling some of the first details publicly announced on the project.Greeley spoke alongside representatives ofGlencore Plc. andHartree Partners LP, which will be among trading houses procuring materials for Vault.The project aims to build an immediate buffer against critical mineral supply shocks while using future purchases to send a stronger demand signal to US and friendly-nation producers.Vault — which combines about $2 billion in private capital with a $10 billion Ex-Im loan — is President Trump’s latest effort to build an alternative supply chain for the materials, which are key for the production of electric vehicle batteries, solar panels and other low-carbon technologies. China is the dominant supplier of critical minerals worldwide.The recent panel was the most robust public discussion of Vault since Ex-Im revealed the program in February. For nearly three months, metals investors, traders and consumers have sought details as the government worked behind the scenes to flesh out the project, according to Bloomberg.Attendees packed a conference room at a hotel in Washington, DC, to get details on Vault’s sourcing hierarchy and payment structure. After brief introductory remarks, the panel unexpectedly opened up the floor to an almost hour-long question-and-answer session.The program’s so-called waterfall would give preference to domestic suppliers even when their material comes at a premium to allied alternatives, with participating manufacturers expected to accept that trade-off as part of joining the program, panelists said. The initial stockpile fill, however, would be driven chiefly by availability, reflecting the reality that some of the roughly60 mineralsunder consideration are produced only in limited geographies and, in some cases, remain heavily influenced by China.Vault is being structured as a demand-driven vehicle rather than a government-directed stockpile, the panelists revealed. Manufacturers would determine which minerals are stored, with the program then working with traders to secure supply. It’s designed to give US firms more leverage in opaque and fragmented markets where individual buyers often struggle to source smaller volumes efficiently or at transparent prices.On storage, Greeley said the project will begin by relying on warehouse networks already controlled by trading partners and procurement providers. Over time, Vault is expected to develop its own storage network, either by building facilities or leasing them. A mature system could combine its own sites with third-party warehouses.Panelists said the use of specialist traders would also be tailored to individual metals. Rather than sending orders into an open bidding process, Vault is expected to match procurement to firms with expertise in specific markets, allowing traders with relationships in cobalt, rare earths or other niche material sectors to handle those flows. The goal, panelists said, is to preserve pricing discipline, improve execution and avoid creating a scramble for hard-to-find materials.</div></div>

北方稀土

USAR

盛和資源

USARW

稀土戰略金屬指數 ETF - VanEck Vectors

美國進出口銀行的 120 億美元 “項目金庫” 旨在儲備稀土礦物，最初將從中國採購，隨後優先考慮國內生產。該倡議由進出口銀行首席銀行官 Brian Greeley 透露，結合了 20 億美元的私人資本和 100 億美元的進出口銀行貸款。該項目旨在減輕對電動車電池和低碳技術所需關鍵礦物的供應衝擊。它強調以需求為導向的方法，允許製造商決定儲存的礦物，同時利用專業交易商進行採購

特朗普的 “Project Vault” 計劃初期將從中國採購稀土