Trump Launches $12 Billion Project Vault to Build U.S. Critical Minerals Stockpile
The Trump administration has launched Project Vault, a $12 billion public-private initiative aimed at building a long-term U.S. stockpile of critical minerals used across energy, manufacturing, technology and defense supply chains. “Today we’re launching what will be known as Project Vault to ensure that American businesses and workers are never harmed by any shortage,” Trump said at the White House on Monday.
The program is backed by a $10 billion, 15-year loan from the U.S. Export-Import Bank and about $2 billion in private capital. Major industrial and technology companies including General Motors, Boeing, Google and GE Vernova are participating, alongside commodity traders that will help procure and manage materials.
Project Vault will focus on minerals such as lithium, cobalt, nickel and rare earth elements, which are essential for electric vehicles, batteries, electronics, data centers, aerospace systems and military hardware.
Administration officials say the initiative is designed to reduce U.S. dependence on foreign supply chains, particularly China’s dominant position in mineral processing and refining. Commerce Secretary Howard Lutnick described the project as a step toward reclaiming domestic mining, processing and industrial capacity.
Unlike traditional government stockpiles, participating companies have committed to buy back materials at pre-agreed prices, creating a market-based buffer against price spikes and shortages. The structure is intended to give manufacturers greater confidence to invest in downstream production.
While the program is not limited to any single sector, officials point to rising demand from electricity infrastructure, advanced manufacturing and computing as key drivers behind the stockpile effort. Project Vault reflects a broader shift toward treating critical minerals as strategic assets — foundational inputs for both industrial competitiveness and national security.