The Trump administration has unveiled a groundbreaking $12 billion initiative to establish a national stockpile of critical minerals, marking a significant escalation in the US-China trade and technology competition. Dubbed ‘Project Vault,’ the program will utilize seed funding from the US Export-Import Bank to acquire strategic reserves of lithium, nickel, rare earth elements, and other minerals essential for electric vehicle batteries, advanced weaponry, and consumer electronics.
According to an administration official familiar with the plan, the initiative represents Washington’s direct response to perceived Chinese price manipulation in global mineral markets that has hampered American mining operations for years. The venture will combine private investment with a substantial $10 billion EXIM Bank loan to create a buffer stock for manufacturers, insulating them from volatile pricing and supply chain disruptions.
Three major commodities trading firms—Hartree Partners, Traxys North America, and Mercuria Energy Group—have been designated to manage the procurement process for the strategic reserve. The program’s structure allows automotive and technology companies to access vital materials while keeping inventory risks off their balance sheets, analogous to a wholesale membership model for industrial materials.
Beyond commercial applications, Project Vault includes provisions for establishing a 60-day emergency mineral supply for national security purposes. The initiative comes alongside legislative efforts from bipartisan lawmakers who recently proposed a separate $2.5 billion mineral stockpile bill, indicating broad political consensus on addressing supply chain vulnerabilities in critical materials.