Trump Announces $12 Billion Strategic Mineral Reserve Initiative to Reduce U.S. Dependence on China
Donald Trump has launched a $12 billion initiative, Project Vault, to establish a strategic mineral reserve aimed at reducing U.S. reliance on Chinese rare earth elements. The program will leverage $1.67 billion in private investment alongside a $10 billion loan from the Export-Import Bank, enabling key industries like automotive and technology to secure essential minerals. Over a dozen major companies, including General Motors and Boeing, are participating, with the Export-Import Bank set to vote on the loan approval, marking a significant financing effort in response to recent supply chain vulnerabilities.
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Donald Trump has initiated a $12 billion program to create a strategic mineral reserve aimed at protecting American manufacturers from supply shocks and reducing dependence on Chinese rare earth elements. Known as Project Vault, the initiative will combine $1.67 billion in private capital with a $10 billion loan from the Export-Import Bank.
It will enable auto manufacturers, technology firms, and other industrial players to procure and store essential minerals, such as gallium and cobalt, critical for various technologies. Over a dozen companies, including General Motors, Stellantis, Boeing, Corning, GE Vernova, and Google, have joined the initiative.
The Export-Import Bank's board is scheduled to vote on the loan approval, which would be the largest financing program in the bank's history. This project follows recent supply chain risks exacerbated by China's export controls on certain raw materials.
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