The federal government is launching an initiative to support foreign minerals projects that exclude China as part of an effort to bolster U.S. supply chains.

The Export-Import Bank (EXIM), a federal agency that helps finance private projects, voted to approve an initiative that funds foreign projects that supply minerals that will ultimately be used in the U.S.

The initiative explicitly excludes Chinese projects — given China’s dominance in the minerals marketplace. China is a key hub for minerals production and processing, and is responsible for 90 percent of the world's refining of rare earth elements.

“Through this creative new financing tool, EXIM will provide U.S. businesses access to critical resources, reduce reliance on [China]-controlled supply chains, and foster a stronger, more resilient domestic manufacturing base,” said EXIM President and Chair Reta Jo Lewis in a written statement.

In recent days, China said it would ban the export........

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