Trump Initiates $12B ‘Project Vault’ for Strategic Mineral Stockpile
President Donald Trump introduced the strategic Project Vault on Monday. This $12 billion critical minerals stockpile aims to diminish U.S. reliance on Chinese rare earth supplies and safeguard American manufacturers from supply chain disruptions.
The initiative merges $10 billion in financing from the U.S. Export-Import Bank with $1.67 billion in private capital. The goal is to procure and store essential minerals for various industries such as automakers, technology firms, and defense contractors. The Ex-Im Bank board gave the green light for this record-setting 15-year loan on Monday, a deal that is more than double the size of the next-largest deal ever executed by the institution.
A number of major companies have already pledged their participation, including General Motors, Stellantis, Boeing, Corning, GE Vernova, and Google. Trading firms Hartree Partners, Traxys North America, and Mercuria Energy Group are set to manage procurement operations.
Under this arrangement, participating manufacturers can secure critical materials at specified prices without the need to maintain their own physical stockpiles. The minerals—such as rare earths, lithium, cobalt, nickel, and graphite—are vital for electric vehicle batteries, semiconductors, and advanced manufacturing.
“Just as we have long had a strategic petroleum reserve and a stockpile of critical minerals for national defense, we’re now creating this reserve for American industry,” Trump stated at the announcement. According to the White House, the U.S. was entirely reliant on imports for 12 critical minerals in 2024, and imported 50% or more of 29 others.
Source: Bloomberg