February 2, 2026
Trump announces $12 billion "Project Vault" for critical mineral stockpiles
Ex-Im Bank approves record $10 billion loan; GM, Boeing, Google among participants
President Trump unveiled Project Vault on February 2, 2026 as a $12 billion strategic mineral stockpile combining $10 billion in Export-Import Bank financing with $1.67 billion in private capital.
The Export-Import Bank's $10 billion loan is the largest in the agency's 90-year history—more than double any previous Ex-Im deal.
China controls 70% of global rare earth mining, 90% of processing capacity, and supplied 70% of U.S. rare earth imports between 2020-2023.
China restricted rare earth exports during 2025 trade disputes with the Trump administration, demonstrating U.S. supply chain vulnerability.
Major participating companies include General Motors, Stellantis, Boeing, GE Vernova, and Alphabet's Google, spanning automotive, aerospace, and technology sectors.
Commodity trading specialists Hartree Partners, Traxys North America, and Mercuria Energy Group will manage procurement rather than government agencies.
Project Vault aims to provide manufacturers with a 60-day emergency mineral supply to buffer against supply disruptions.
The stockpile is structured as an independently governed public-private partnership, not a fully government-controlled entity.
U.S.-listed rare earth mining stocks jumped 10%+ after the announcement—Critical Metals rose over 10%, USA Rare Earth gained 11%, MP Materials advanced 4%.
The Pentagon is separately ramping up its National Defense Stockpile with up to $1 billion in near-term acquisitions, distinct from Project Vault's civilian focus.
The U.S. is the second-largest rare earth producer globally at roughly 12% of production, but MP Materials' Mountain Pass facility is the only integrated U.S. operation.
People, bills, and sources
President Donald Trump
President of the United States
Export-Import Bank of the United States (Ex-Im Bank)
Independent federal export credit agency
Hartree Partners, Traxys North America, and Mercuria Energy Group
Commodity trading firms
General Motors, Stellantis, Boeing, GE Vernova, and Alphabet (Google)
Major corporate participants
MP Materials
U.S. rare earth mining company
Chinese government and rare earth industry
Dominant global supplier and geopolitical competitor
U.S. Department of Defense (Pentagon)
National defense agency
U.S. Geological Survey (USGS)
Federal scientific agency
What you can do
1
civic monitoring
Monitor rare earth mining and processing investments in your state or region
Project Vault and Pentagon stockpiling create demand signals for domestic rare earth production. Track whether mining companies, state governments, or universities in your area are pursuing rare earth projects. These projects often face environmental permitting battles and NIMBY opposition, but they also create jobs and reduce foreign dependency. Attend public comment periods for mining permits to understand trade-offs between economic benefits and environmental impacts.
nmicrecordsmgt@usgs.gov
My name is [Name] and I'm calling to learn about critical mineral projects in [state/region]. With Project Vault creating demand for domestic rare earth production, I want to understand what mining or processing facilities are being proposed in my area and how I can participate in public comment periods to learn about economic and environmental trade-offs.
2
government accountability
Ask congressional representatives about Export-Import Bank oversight and accountability
Ex-Im Bank approved its largest-ever loan without congressional appropriation—the bank operates independently with its own board. This $10 billion commitment uses federal credit backing to support private mineral traders and corporations. Contact your senators and representative to ask how Congress oversees Ex-Im lending decisions, whether Project Vault serves genuine national security needs or corporate subsidies, and what happens if borrowers default on the 15-year loan. Demand transparency about which specific minerals will be stockpiled and how pricing will be determined.
My name is [Name] from [city, state] and I'm calling about the Export-Import Bank's $10 billion Project Vault loan. This is the largest loan in Ex-Im's history—more than double any previous deal—and it bypassed congressional appropriations. I want to know: How does Congress oversee Ex-Im lending decisions? What accountability measures exist if Project Vault fails or if taxpayers end up covering defaults? Will there be transparency about which minerals are stockpiled and at what prices?
3
civic education
Understand China's rare earth export controls and geopolitical implications
China didn't just restrict exports during 2025 trade disputes—Beijing expanded export controls to cover processing technologies and know-how, not just raw materials. This means even if the U.S. mines rare earths domestically, we often lack the expertise to process them into usable materials. Learn about how China built its processing dominance (partly by accepting environmental costs U.S. communities reject) and what it would take to rebuild American processing capacity. Follow think tank reports from Council on Foreign Relations, CSIS, and Brookings on critical mineral supply chains and U.S.-China competition.
EconProg@csis.org
My name is [Name] and I want to learn more about China's rare earth dominance and U.S. supply chain vulnerability. With Project Vault stockpiling minerals but China controlling 90% of processing, I want to understand whether stockpiling raw materials is sufficient or if we need to rebuild domestic processing capacity—and what trade-offs that involves.
4
issue tracking
Track how Project Vault affects electric vehicle and clean energy transitions
Rare earths are essential for EV motors, wind turbines, and solar panels—Project Vault acknowledges the electric future even as Trump has criticized EV mandates. Monitor whether the stockpile reduces costs for American EV manufacturers (making them more competitive) or whether China's processing dominance still gives Chinese companies like BYD advantages. Understand the tension between Trump's support for fossil fuels and his mineral policy that implicitly bets on electrification. Ask environmental and clean energy groups how mineral supply chains affect climate goals.
eere_information_center@ee.doe.gov
My name is [Name] and I'm calling to understand how Project Vault's critical mineral stockpile affects electric vehicle production and clean energy transitions. Rare earths are essential for EV motors and wind turbines, but China dominates processing. Does Project Vault help American manufacturers compete with Chinese EVs, or do we still depend on Chinese processing? How does this stockpile fit with climate goals?
5
government accountability
Examine whether Project Vault primarily benefits large corporations or serves broad public interest
The companies participating in Project Vault—GM, Boeing, Google—are Fortune 500 corporations with existing supply contracts. The $10 billion Ex-Im loan effectively subsidizes their mineral purchases through below-market government financing. Ask whether taxpayers are underwriting private corporate supply chains or whether the strategic reserve genuinely serves national security. Investigate whether small and medium manufacturers get equal access to the stockpile or if procurement advantages go to large participants. Contact government accountability organizations like Project On Government Oversight (POGO) for analysis.
info@pogo.org
My name is [Name] and I want to understand whether Project Vault primarily benefits large corporations or serves broad public interest. The participants are Fortune 500 companies like GM, Boeing, and Google. Is the government subsidizing their private supply chains, or does this stockpile genuinely serve national security? Will small manufacturers get equal access, or do big companies get advantages?