Project Vault Launches as US Expands Critical Minerals Strategy

The United States has introduced new measures to strengthen its supply of critical minerals, including a large-scale stockpile initiative and updated resource lists, as part of efforts to address supply chain vulnerabilities.

Project Vault, launched by the US government, is designed to create a national stockpile of minerals such as rare earths, copper, and lithium. The initiative aims to support domestic manufacturers during periods of supply disruption and is being funded through a combination of government and private sector investment.

The Export-Import Bank of the United States is providing $10 billion in debt financing for Project Vault, while private capital is contributing an additional $2 billion. The project involves partnerships with trading firms Traxys, Mercuria, and Hartree Partners to source minerals for the stockpile.

Several companies, including General Motors, Lockheed Martin, and Google, have joined Project Vault as members. These companies pay fees for emergency access to the stockpiled minerals, which are intended to be available during supply interruptions.

What the numbers show

• Project Vault is backed by $12 billion in total funding
• The 2025 US critical minerals list contains 60 minerals
• In 2024, the US imported 80% of its rare earth elements

The US approach to critical minerals stockpiling follows recent disruptions caused by rare-earth export cuts from China, which led to temporary shutdowns of American factories. The strategy mirrors aspects of China’s state-driven model, including government investment and stakes in private mineral companies.

The Department of the Interior, through the US Geological Survey, released the final 2025 List of Critical Minerals, which now includes ten new entries such as copper, silver, uranium, and potash. This update is intended to reduce reliance on foreign sources and encourage domestic production.

Efforts to build domestic processing capacity for minerals, especially heavy rare earths, are ongoing and may require several years to reach sufficient levels. The US faces challenges related to the varied processing requirements and changing product specifications for different minerals.

In addition to Project Vault, US Senators introduced the SECURE Minerals Act, which would establish a Strategic Resilience Reserve managed by an independent government corporation. The proposed reserve would oversee stockpiles, stabilize prices, and promote domestic and allied mineral production. A multilateral summit hosted by the State Department is also planned to coordinate critical minerals strategies among allied nations.

* This article is based on publicly available information at the time of writing.