US launches $12B strategic rare earths reserve plan
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Washington — The Trump administration announced Monday it will establish a nearly $12 billion strategic stockpile of rare-earth and critical minerals called “Project Vault.” The White House confirmed that funding will include a $10 billion Export-Import Bank loan and approximately $1.7 billion in private capital to procure and store materials for automakers, defense suppliers and technology firms. Officials said the stockpile aims to reduce U.S. reliance on China's dominant mining and processing capacity after Beijing restricted exports during recent trade tensions. Bloomberg first reported the plan; the White House confirmed details Feb. 2. Based on 6 articles reviewed and supporting research.
More context
Timeline
- 1. China established dominant global rare-earth mining and processing capacity over decades.
- 2. Beijing restricted rare-earth exports during recent trade tensions, raising U.S. supply concerns.
- 3. Bloomberg reported a planned U.S. stockpile before official confirmation.
- 4. White House confirmed Project Vault on Feb. 2, naming funding sources and aims.
- 5. Project Vault funding detailed: $10 billion EXIM loan plus about $1.7 billion private capital.
Sources
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