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U.S. Launches $12 Billion ‘Project Vault’ to Build Critical Minerals Stockpile

The White House says the EXIM-backed initiative will seed a private-sector reserve to cushion manufacturers from supply shocks tied to China’s mineral dominance.

FILE - Workers use machinery to dig at a rare earth mine in Ganxian county in central China's Jiangxi province on Dec. 30, 2010. (Chinatopix via AP, File)
Mining operation
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Overview

  • The White House confirmed Project Vault, pairing a $10 billion Export-Import Bank loan with about $1.67 billion in private capital to buy and store critical minerals for U.S. manufacturers.
  • EXIM’s board is set to vote Monday on authorizing the record 15-year loan as officials describe a first-of-its-kind commercial stockpile modeled on the logic of the Strategic Petroleum Reserve.
  • More than a dozen companies are participating, including General Motors, Stellantis, Boeing, Corning, GE Vernova and Google, with Hartree Partners, Traxys North America and Mercuria handling procurement.
  • The reserve is expected to cover rare earths and minerals such as gallium, cobalt and lithium used in electric vehicles, electronics, jet engines and defense systems to reduce reliance on Chinese supply chains.
  • Washington is hosting multilateral talks with roughly 20 allied countries on diversifying mineral sources as Australia establishes a A$1.2 billion national reserve, while U.S.-listed miner shares rose on the news.