Trump’s $12 Billion “Project Vault” Project is a Handout to Mining Industry
WASHINGTON — The White House today confirmed reports it would create a strategic reserve of rare earth elements, unveiling a $10 billion loan from the U.S. Export-Import bank and nearly $1.67 billion in private capital seed money. The project would include an unspecified ownership stake by the U.S. government, adding to a growing list of U.S. government investment in the critical minerals mining sector. In response, Abhilasha Bhola, auto supply chain campaign director with Public Citizen’s Climate Program, issued the following statement:
“Trump’s new critical mineral stockpile program will enrich and empower mining companies. By establishing the project without legislation, Trump again eschews congressional oversight and public accountability. Without adequate safeguards and standards, Project Vault will subsidize and accelerate the well documented human rights abuses and environmental destruction that has defined many critical mineral projects around the world.”
Further reading: Critical Conflicts: Trump Subsidizes Dirty Mining at the Expense of Public Lands
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