US President Donald Trump is set to create a strategic critical minerals stockpile with $12 billion in funding, Bloomberg reported, citing sources familiar with the plan.

The initiative, called Project Vault, aims to challenge what US policymakers see as Chinese manipulation of prices for lithium, nickel, rare earths and other essential minerals used in electric vehicles, high-tech weapons, and advanced manufacturing.

Project Vault will combine $1.67 billion in private funding with a $10 billion loan from the US Export-Import Bank to acquire and store critical minerals for automakers, tech firms, and other manufacturers.

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More than a dozen companies have joined the project, including General Motors, Stellantis, Boeing, Corning, GE Vernova and Google. Commodities trading firms Hartree Partners, Traxys North America, and Mercuria Energy Group will manage procurement.

The stockpile will cover rare earths, critical minerals, and other strategic elements prone to volatile prices, according to Bloomberg. Last month, a bipartisan group of US lawmakers proposed a $2.5 billion minerals stockpile to stabilize market prices and boost domestic mining and refining.

The Export-Import Bank board is expected to vote soon on approving the 15-year loan, which would more than double the bank’s next-largest transaction, Bloomberg reported.