UPDATE 1-Trump launches $12 billion minerals stockpile to counter China, Bloomberg News reports

U.S. President Donald Trump is set to launch a strategic ‌critical minerals stockpile with $12 billion in seed money, Bloomberg News reported on Monday, citing people familiar with the matter.

The reported move would ⁠mark Washington's latest attempt to offset what policymakers view as Chinese manipulation of prices for lithium, nickel, rare earths and other critical minerals - vital for items from electric vehicles to high-tech ​weaponry - that has stymied American mining companies for years. Bloomberg said the venture, Project Vault, ‍will combine $1.67 billion in private funding with a $10 billion loan from the U.S. Export-Import Bank to acquire and stockpile the minerals for automakers, technology companies and other manufacturers.

Reuters could not immediately verify the report. The White ⁠House did ‌not immediately respond ⁠to a request for comment. The project has attracted participation from more than a dozen companies, including General Motors, ‍Stellantis , Boeing, Corning, GE Vernova and Alphabet’s Google, the report said.

It said commodities trading firms Hartree ​Partners, Traxys North America and Mercuria Energy Group would manage the procurement of raw materials ⁠for the stockpile. The stockpile is expected to include both rare earths and critical minerals as well as other ⁠strategically important elements that are subject to volatile prices, the Bloomberg report added.

Last month, a bipartisan group of U.S. lawmakers introduced a bill

to create a $2.5 billion stockpile of critical minerals, ⁠a move aimed at stabilizing market prices and encouraging domestic mining and refining. The Ex-Im bank's board ⁠will vote later ‌on Monday on authorizing the record 15-year loan, more than double the size of the bank’s next largest transaction, Bloomberg reported.