“Project Vault”, the plan to counter China. Washington mobilizes three giants for a critical mineral reserve
Lithium-ion batteries on the automated production line of a technology company on November 11, 2025 in Yongkang, Jinhua, Zhejiang province, China. PHOTO: CYK / imago stock and people / Profimedia
US President Donald Trump is set to launch a strategic reserve of critical minerals with an initial $12 billion in financing from the US Export-Import Bank, a Washington administration official familiar with the plan said, according to Reuters.
The investment is Washington's latest attempt to counter what policymakers see as China's manipulation of prices for lithium, nickel, rare earths and other critical minerals — vital to products from electric vehicles to high-tech weaponry — that has stymied American mining companies for years.
Bloomberg News first reported on this topic. The US project, called Project Vault, will combine private funding with a $10 billion loan from EXIM Bank to acquire and store critical minerals for automakers, technology companies and other manufacturers.
The White House did not immediately respond to a request for comment.
The project has attracted interest from a wide range of US automotive and technology companies.
Three major commodity trading firms – Hartree Partners, Traxys North America and Mercuria Energy Group – will manage the purchase of raw materials for the stockpile, the official told Reuters.
The reserve stock is expected to include both rare earths and critical minerals, as well as other strategically important elements, the prices of which are typically volatile.
The Vault project aims to help the U.S. auto industry while allowing companies to de-risk their balance sheets, the official said, comparing the project's logistics to a Costco membership that allows for bulk purchases.
Another goal is to allow for a 60-day supply of minerals in case of an emergency, the official added, noting that mineral stockpiling is already underway.
An executive structure is expected to be created for the project, and EXIM is likely to have a seat on the board, the official said. Last month, a bipartisan group of US lawmakers introduced a bill to establish a $2.5 billion critical minerals reserve, a measure intended to stabilize market prices and encourage domestic mining and refining.
