President Donald Trump is preparing to launch a $12 billion initiative to create a strategic stockpile of critical minerals, aiming to reduce dependence on Chinese supplies and protect manufacturers from potential supply disruptions.
The program, called Project Vault, would combine $1.67 billion in private capital with a $10 billion loan from the U.S. Export-Import Bank to purchase and store minerals for use by automakers, technology firms, and other manufacturers.
Senior administration officials, who spoke on condition of anonymity, said the initiative would be the first minerals stockpile of its kind for the U.S. private sector and would function similarly to the nation’s emergency oil reserve.
Instead of crude oil, Project Vault would focus on acquiring minerals such as gallium and cobalt, which are essential for electronics, batteries, jet engines, and other products. It would include rare earth elements along with other critical and strategically important materials subject to price volatility.
The stockpile is intended to support key industries, including automotive, aerospace, and energy, and reflects Trump’s broader effort to reduce reliance on China, the leading global supplier and processor of critical minerals.
More than a dozen companies are participating in the project, including General Motors Co., Stellantis NV, Boeing Co., Corning Inc., GE Vernova Inc., and Google, a subsidiary of Alphabet Inc. Commodities traders Hartree Partners LP, Traxys North America LLC, and Mercuria Energy Group Ltd. are set to manage procurement.
The Export-Import Bank’s board is expected to vote Monday on the proposed 15-year loan, which would be the agency’s largest, more than twice the size of its previous record transaction.
Trump is also scheduled to meet Monday with General Motors CEO Mary Barra and mining executive Robert Friedland, who represent interests from both mineral production and industrial use.
The U.S. already maintains a critical minerals reserve for defense needs. Project Vault would expand the concept to support civilian industries. The Trump administration has also pursued direct investment in domestic mining to expand U.S. production and processing capacity.
