Trump launches Project Vault $12B rare earth stockpile to reduce US reliance on China
President Trump on Monday announced a new $12 billion stockpile of critical minerals — an attempt to reduce US reliance on China’s supply and stabilize prices for American manufacturers, The Post has learned.The president’s Project Vault will be backed by $1.67 billion in private capital and a $10 billion loan from the US Export-Import Bank, a White House official confirmed to The Post.“For years, American businesses have risked running out of critical minerals during market disruptions,” the president said Monday at the Oval Office.“Today, we’re launching what will be known as Project Vault to ensure that American businesses and workers are never harmed by any shortage.”It’s Trump’s latest attempt to grapple with China’s dominance over rare earths, which are key to automotive, aerospace, and energy industries, Bloomberg earlier reported.Shares in American rare earth miners NioCorp Developments, United States Antimony Corp, USA Rare Earth, and Critical Metals Corp soared 9.3%, 4.8%, 5.9% and 3.3%, respectively, following news of the project.The first-of-its-kind minerals stockpile will act similarly to the nation’s emergency oil stockpile as the Trump administration aims to stabilize prices and minimize supply shocks.Firms that pledge to buy materials at a specific inventory price down the line will pay up-front fees and give Project Vault a list of their preferred materials. A key facet of the deal is that manufacturers who sign on to buy a specified amount of materials will also agree to repurchase the same amount at the same price in the future.While the US already has a critical minerals stockpile for national security needs, this will be the first reserve for private companies.“Economic security is national security and a country does not have sovereignty if we don’t have control of our critical minerals, don’t have control of our steel production and our industrial base,” Treasury Secretary Scott Bessent said alongside Tr...