Trump Launches $12 Billion Project Vault Critical Minerals Reserve

President Donald Trump announced the launch of Project Vault on February 2, 2026, creating the U.S. Strategic Critical Minerals Reserve. This $12 billion initiative establishes the first large-scale civilian stockpile of critical minerals, including lithium, cobalt, gallium, and nickel, to protect American manufacturers from supply shocks and price volatility. The project aims to decouple U.S. supply chains from China, which currently controls approximately 70% of global mining and over 90% of refining and magnet production.

The reserve is funded by a $10 billion 15-year loan from the Export-Import Bank of the United States—the largest in the agency's history—and between $1.67 billion and $2 billion in private capital. Participating companies, such as General Motors, Boeing, and Alphabet Inc., pay upfront fees and carrying costs to secure materials at set prices. Procurement is managed by trading firms Hartree Partners, Traxys North America, and Mercuria Energy Group. Following the announcement, shares of domestic miners like MP Materials and USA Rare Earth surged, and the government disclosed a 15% equity stake in MP Materials for $400 million.

To support this strategy, the administration is coordinating international partnerships. Secretary of State Marco Rubio hosted a critical minerals ministerial in Washington for representatives from dozens of nations, while Interior Secretary Doug Burgum announced partnerships with 11 additional countries. The initiative extends beyond rare earths to include uranium, as Trump stated the administration is "doing everything" to ensure economic security. This effort is paired with broader investments in domestic production and agreements with allies like Australia and Japan to counter the weaponization of mineral supplies.