U.S. President Donald Trump is preparing to launch a strategic stockpile of critical minerals backed by $12 billion in financing, marking a major escalation in Washington’s effort to reduce reliance on China for materials essential to electric vehicles, advanced technology and modern weaponry, according to an administration official familiar with the plan.
The initiative, known as Project Vault, will combine private-sector capital with a $10 billion, 15-year loan from the U.S. Export-Import Bank, which is expected to vote later Monday on authorizing the financing. The remaining funds would come from private investors, creating a hybrid structure designed to secure supplies of lithium, nickel, rare earth elements and other strategically important minerals.
Administration officials say the project is aimed squarely at countering what U.S. policymakers view as long-standing Chinese manipulation of critical minerals markets, including price controls that have undercut American mining and refining companies for years. China currently dominates global supply chains for many of these materials, giving Beijing significant leverage over industries central to the energy transition and national security.
Under the plan, Project Vault would acquire and hold minerals on behalf of automakers, technology firms and other manufacturers, allowing them access to large volumes without carrying the inventory risk on their own balance sheets. One official compared the model to a bulk-buying membership, enabling companies to draw on shared reserves when needed.
The stockpile is expected to include both rare earth elements and a broader range of critical minerals subject to sharp price swings. A key objective is to ensure at least a 60-day emergency supply that could be tapped during market disruptions or geopolitical crises. Officials said mineral stockpiling has already begun under preliminary arrangements.
Commodities trading firms Hartree Partners, Traxys North America and Mercuria Energy Group are set to manage procurement for the stockpile, according to the official. An executive structure for Project Vault is expected to be established, with the Export-Import Bank likely holding a seat on its board.
Trump is scheduled to meet Monday with General Motors Chief Executive Mary Barra and mining billionaire Robert Friedland, a gathering that underscores the project’s attempt to align both producers and end users of critical minerals. The White House did not immediately respond to a request for comment.
Financial markets reacted positively to reports of the initiative, with shares of U.S.-based rare earth and critical minerals companies rising on expectations of sustained government-backed demand.
The move follows growing bipartisan concern in Congress over mineral supply chains. Last month, lawmakers from both parties introduced legislation proposing a separate $2.5 billion federal stockpile aimed at stabilizing prices and encouraging domestic mining and refining, signaling that critical minerals have become a rare area of cross-party agreement in Washington.
