US President Donald Trump is set to initiate Project Vault, a $12bn strategic stockpile of critical minerals aimed at reducing dependence on Chinese rare earths and other materials.
This initiative comprises $1.67bn in private investment and a $10bn loan from the US Export-Import Bank (EXIM), as reported by Bloomberg.
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Project Vault aims to secure minerals essential for advanced technologies, including antimony, cobalt, copper, graphite, lead, nickel and silicon, ensuring manufacturers have reliable access even during periods of market volatility or geopolitical challenges.
The framework of Project Vault provides a beneficial return to US taxpayers while aligning with President Trump’s National Security Strategy by strengthening the domestic industrial base and securing supply chains.
The initiative targets strategic minerals for industries such as automotive, aerospace and technology, with involvement from companies including Boeing, Corning, General Motors, GE Vernova, Alphabet’s Google and Stellantis NV.
Commodities trading firms Hartree Partners, Traxys North America and Mercuria Energy Group are tasked with procuring these materials.
The US has an existing stockpile for defence needs but lacks one for civilian purposes.
The Trump administration has sought to enhance domestic mineral production and processing through investments and international alliances with countries like Australia, Japan and Malaysia.
The push to secure mineral supplies intensified after China tightened export controls last year, highlighting its influence over critical mineral markets and prompting some US manufacturers to reduce output.
Project Vault’s detailed structure is still being finalised.
Companies joining the initiative will commit to purchasing materials at agreed prices and pay upfront fees for preferred access.
During significant supply disruptions, they can fully access their inventories under certain conditions.
A key aspect of the venture is stabilising market volatility by ensuring manufacturers repurchase materials at their original price.
EXIM chairman John Jovanovic said: “Project Vault is designed to support domestic manufacturers from supply shocks, support US production and processing of critical raw materials, and strength America’s critical minerals sector.
“Thanks to President Trump’s leadership, the US Strategic Critical Minerals Reserve will help manufacturers in the United States compete, grow and lead globally while creating jobs domestically, strengthening our economy and advancing the national interest.”
