The US government is developing a $12 billion critical minerals stockpile in its quest to bolster its domestic supply chain and reduce dependence on China.
Stocks in US rare earth firms jumped Monday on bets of more government financing for the sector; the Trump administration has taken stakes in several mining companies.
This effort — dubbed “Project Vault” — is similar to the US’ existing emergency stockpile of oil, launched in the 1970s to guard against supply disruptions.
China has shown a willingness to weaponize its dominance in rare-earth processing through export controls: The US is set to press dozens of nations at a summit on Wednesday to de-risk from China by pursuing a strategic alliance over critical minerals.
