Glencore has been picked by the U.S. government as a founding partner in the launch of a critical-minerals reserve aimed at ensuring future supplies.

The miner and commodity trader said Wednesday that though a $500 million commitment from the Export-Import Bank of the U.S. it will source, buy and deliver critical minerals for Washington's VaultCo.

Participation in VaultCo is part of Glencore's longstanding role connecting global production with industrial consumers and a commitment to supporting resilient and diversified supply chains, Glencore said.

The Trump administration is developing a roughly $12 billion stockpile of critical minerals aimed at helping U.S. manufacturers navigate future supply shortages and overcome reliance on China for rare earths and metals.

The planned stockpile will be the fruition of roughly $1.67 billion in private capital along with a $10 billion loan from the U.S. EXIM Bank to assemble the minerals. The critical-minerals stockpile would be comparable to the Strategic Petroleum Reserve, a store of crude oil first established during the 1970s energy crisis.