White House Seeks $12 Billion for "Project Vault," a Strategic Minerals Reserve
The White House is advancing a plan to create a $12 billion strategic reserve for critical minerals, a senior administration official confirmed to The Hill on Monday. The initiative, dubbed "Project Vault," seeks to secure supplies of rare earth elements and other materials deemed vital for national security and economic stability.
According to the official, the stockpile would function similarly to the Strategic Petroleum Reserve, acting as a buffer against supply disruptions and price volatility for minerals essential to manufacturing everything from consumer electronics and electric vehicles to defense systems and renewable energy infrastructure.
Bloomberg News first reported the details of Project Vault. The funding structure is expected to involve a landmark $10 billion loan from the U.S. Export-Import Bank—reportedly the largest in the bank's history—supplemented by nearly $2 billion in private capital. The Ex-Im Bank's board is scheduled to vote on the proposed loan as early as Monday.
The push to shore up the nation's mineral supply chain has found rare bipartisan agreement in recent years. Notably, then-Vice President Kamala Harris included a call for a strategic mineral reserve in her presidential campaign economic platform. Major corporations like General Motors, Stellantis, Boeing, GE Vernova, and Google are anticipated to participate in the project, Bloomberg reported.
The move underscores growing concerns over U.S. dependence on foreign sources, particularly China, which dominates global mining and processing for many critical minerals. Analysts say such a reserve could mitigate strategic vulnerabilities but question the timing and scale of the investment.
Reaction & Analysis
David Chen, Supply Chain Analyst at Georgetown Center for Security Studies: "This is a necessary, if overdue, step. Our over-reliance on a single nation for materials that power our tech and defense industries is a glaring strategic weakness. Project Vault is a down payment on resilience."
Sen. Maria Rodriguez (D-Calif.): "While securing our supply chains is imperative, we must ensure this $10 billion in public funds is deployed with maximum transparency and accountability. The benefits must flow to American workers and communities, not just corporate balance sheets."
Michael T. Briggs, Former Mining Executive (Wyoming): "Finally, an administration that gets it. We've been talking about this vulnerability for a decade. This isn't just about stockpiling; it's about sending a market signal to revive domestic mining and processing. A strong move."
Dr. Lena Vance, Economist at the Progressive Policy Institute: "A $12 billion band-aid for a systemic problem. This does little to address the underlying issues of environmental standards and labor in mining. It's a massive taxpayer-backed handout to large corporations, locking us into an extractive model instead of investing seriously in recycling and alternative materials research."
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