Updated on: February 2, 2026 / 4:36 PM EST / CBS News
Washington — The White House on Monday announced the creation of a $12 billion U.S. stockpile of critical and rare earth minerals intended for civilian, nonmilitary use, President Trump said during a Oval Office event with business leaders.
Called “Project Vault,” the initiative will be funded by a $10 billion loan from the U.S. Export-Import Bank and $2 billion in private-sector investment, the president said. The minerals will be bought and held in reserve to support automakers, technology companies and other manufacturers in the event of supply disruptions.
“We’re announcing the U.S. strategic critical minerals reserve — the first-ever stockpile of these materials,” Mr. Trump said, adding the reserve is meant to ensure American industry has access to inputs in emergencies much like the nation’s strategic petroleum reserve.
The move is aimed at reducing U.S. dependence on China for rare earths and other critical minerals and to blunt Beijing’s leverage in trade negotiations. Bloomberg first reported the administration’s plans.
The White House notes that in 2024 the United States was fully dependent on imports for 12 critical minerals and imported 50% or more of 29 others. The administration has pushed to expand domestic access and secure foreign supplies as part of broader economic and security strategy.
Mr. Trump has raised critical minerals in diplomatic talks with partners including Ukraine and Australia and has spoken publicly about seeking access to mineral resources in Greenland.
Critical minerals span a range of elements used across modern manufacturing, including cobalt, graphite, silicon, copper, nickel, titanium and lithium — key inputs for electric vehicle batteries, semiconductors, smartphones and other high-tech products.
Jennifer Jacobs contributed to this report.