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US Announces $12 Billion Critical Minerals Stockpile

  • 03 Feb 2026

On 2nd February 2026, U.S. President Donald Trump announced plans to launch a strategic critical minerals stockpile, backed by $12 billion in funding, to reduce dependence on China-dominated mineral supply chains.

Key Points

  • Strategic Objective: The initiative aims to counter what U.S. policymakers describe as Chinese price manipulation in critical minerals such as lithium, nickel and rare earths, which are essential for electric vehicles, clean energy technologies and advanced defence systems.
  • Project Vault: The programme, known as Project Vault, will combine private investment with a $10 billion loan from the U.S. Export-Import Bank to acquire and stockpile critical minerals.
  • Funding Structure: The Export-Import Bank’s board is expected to vote on authorising a 15-year, $10 billion loan, forming the backbone of the stockpile’s financing.
  • Industry Engagement: President Trump is scheduled to meet General Motors CEO Mary Barra and mining entrepreneur Robert Friedland, representing both users and producers of critical minerals.
  • Market Reaction: Shares of rare earth and critical minerals companies such as MP Materials and USA Rare Earth rose following reports of the stockpile initiative.
  • Procurement Management: Commodities trading firms Hartree Partners, Traxys North America and Mercuria Energy Group are expected to manage procurement of raw materials for the stockpile.
  • Scope of Stockpile: The reserve will include rare earth elements, critical minerals and other strategically important materials vulnerable to price volatility and supply disruptions.
  • Support for Industry: Project Vault is designed to support U.S. automakers and technology firms while keeping inventory risks off company balance sheets, with officials likening the model to bulk purchasing through a membership system.
  • Emergency Preparedness: One of the key goals is to ensure a 60-day emergency supply of critical minerals, strengthening supply security during geopolitical or market shocks.