US President Donald Trump is preparing to launch a strategic critical minerals stockpile with $12 billion in initial funding according to a Bloomberg report citing sources familiar with the plan. The initiative, known as Project Vault, is aimed at reducing US dependence on China for key minerals essential to industries ranging from electric vehicles to advanced defense systems.
US policymakers have long accused China of manipulating global prices of lithium nickel rare earth elements, and other critical minerals a practice that has made it difficult for American mining companies to compete. Project Vault is intended to stabilize supply chains and protect US manufacturers from price volatility.
The project will combine $1.67 billion in private investment with a $10 billion loan from the US Export-Import Bank. The minerals acquired will be stockpiled for use by automakers, technology firms, and industrial manufacturers. More than a dozen major corporations including General Motors, Boeing, Stellantis, Google Corning and GE Vernova, are reportedly involved.
Commodities trading firms Hartree Partners, Traxys North America, and Mercuria Energy Group will oversee procurement. The stockpile is expected to include rare earths and other strategically important materials.
The Export-Import Bank’s board is expected to vote on the 15-year loan later today. If approved, it would become the bank’s largest transaction to date.
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