U.S. announces $12 billion stockpile of rare earth minerals

President Trump announced a $12 billion strategic reserve called "Project Vault" to stockpile critical and rare earth minerals for civilian use, funded by a $10 billion U.S. Export-Import Bank loan and $2 billion in private financing.

President Trump announced the creation of a $12 billion U.S. strategic critical minerals reserve for non-military civilian use. The program, called "Project Vault," was described in the Oval Office and would be financed by a $10 billion loan from the U.S. Export-Import Bank and $2 billion in private-sector financing. Officials said the reserve aims to reduce reliance on imported rare earth and other critical minerals and to support automakers, tech firms and other manufacturers. Key details: - Announcement: The president announced the reserve in the Oval Office and identified it as "Project Vault." - Funding: The administration said the effort would be funded by a $10 billion U.S. Export-Import Bank loan and $2 billion in private financing. - Purpose: The reserve is intended for civilian use in times of emergency and to lessen dependence on foreign suppliers, including Chinese rare earths. - Intended users: Minerals would be procured and stored for automakers, technology firms and other manufacturers. Summary: The administration framed the move as a federal effort to secure critical mineral supplies and reduce import reliance. Details on procurement timelines, quantities to be stockpiled, and implementation steps were not provided. Undetermined at this time.