President Donald Trump is set to launch a strategic critical-minerals stockpile with $12 billion in seed funding, aiming to shield US manufacturers from supply shocks as Washington seeks to reduce reliance on China for rare earths and other key metals.
The initiative — dubbed Project Vault — would combine $1.67 billion in private capital with a $10 billion loan from the US Export-Import Bank to procure and store minerals for automakers, technology firms and other manufacturers.
Senior administration officials, speaking on condition of anonymity, said the plan has not yet been formally announced. The project would mark the first major stockpile initiative designed for civilian and private-sector industrial needs, akin to the US emergency oil reserves but focused on minerals such as gallium and cobalt used in products ranging from iPhones and batteries to jet engines.
The stockpile is expected to include rare earths, critical minerals and other strategically important elements subject to volatile prices.
More than a dozen companies have signed on so far, including General Motors, Stellantis, Boeing, Corning, GE Vernova and Google. Commodities trading firms Hartree Partners, Traxys North America and Mercuria Energy Group are set to handle procurement.
Ex-Im’s board is scheduled to vote later Monday on the record 15-year loan, more than double the next-largest deal ever executed by the bank.
Trump is also scheduled to meet Monday with GM CEO Mary Barra and mining billionaire Robert Friedland, representing key users and producers of critical minerals.
