CORRECTED-Trump announces creation of critical mineral reserve

Feb 2 (Reuters) - U.S. President Donald Trump on Monday announced the creation of a critical mineral reserve.

"Today, we're launching what will be known as Project Vault to ensure that American businesses and workers are never harmed by any shortage," Trump said at the White House.

The initiative will combine $10 billion in EXIM bank financing and $2 billion from the private sector, Trump said.

U.S. Secretary of the Interior Doug Burgum said that 11 additional countries will be announced for the critical minerals trade club this week.