The Trump administration is planning to create a critical mineral stockpile with $12 billion in startup capital, Bloomberg News reported Monday.
The plan — called Private Vault — aims to insulate American manufacturers from a Chinese monopoly on rare earths, according to Bloomberg News, and will launch with over $1 billion in private funding and a $10 billion loan from the U.S. Export-Import Bank. While the U.S. set up the Strategic Petroleum Reserve when the Middle East dominated the oil sector in the 1970’s, Project Vault would constitute a first-of-its-kind initiative for the private market as China controls the global critical mineral supply chain, Bloomberg News reported.
Senior administration officials, who asked to remain anonymous, told Bloomberg News about the plan details. A White House official confirmed to the Daily Caller News Foundation that Bloomberg’s report is accurate.
More than a dozen companies are set to participate in the initiative, including major tech and auto companies, according to Bloomberg News.
Rare earths are a collection of 17 metallic elements considered vital to U.S. national security. Critical minerals and rare earths are used in data centers, electric vehicles, smart phones and more. Though the National Defense Stockpile already stores minerals for military purposes, Private Vault would be the first geared toward civilian needs.
America imports around 80% of the rare earths it consumes, largely from China, which maintains a stranglehold on the critical mineral supply chain and refining capacity. China showed readiness to leverage its monopoly in 2025 to the detriment of U.S. military supply chains, restricting imports after President Donald Trump imposed strict tariffs on China.
While the initiative would assist the private sector, the Pentagon is reportedly looking to procure Venezuelan resources for its stockpile. The Venezuelan Mining Corporation currently operates collection hubs for cassiterite and coltan, according to a local report. Tantalum, derived from coltan ore, is also reportedly on the Pentagon’s stockpile wish list.
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