General Motors (GM), Stellantis (STLA), and other companies have joined an effort by the Trump administration to stockpile strategic critical minerals to reduce the US' reliance on Chinese rare earths and other metals, Bloomberg reported Monday, citing unidentified senior government officials.

The initiative will be funded with $1.67 billion in private capital and a $10 billion loan from the US Export-Import Bank and would accumulate minerals such as gallium and cobalt, which are crucial for industries such as the automotive, aerospace, and energy sectors, the report said.

The participating firms include GE Vernova (GEV), Boeing (BA), Corning (GLW), and Alphabet's (GOOG, GOOGL) Google, while commodities trading houses Hartree Partners, Traxys North America, and Mercuria Energy Group are set to handle the purchases of the raw materials, the report said.

The bank's board is expected to vote later Monday to approve the 15-year loan, Bloomberg reported.

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