US launches $12B Project Vault minerals stockpile
The US is building a $12 billion commercial stockpile to blunt China's leverage over mineral prices.
What happened
The White House launched Project Vault, a critical-minerals stockpile funded by a $10 billion EXIM Bank loan plus roughly $2 billion in private capital. Commodity trading houses are expected to manage procurement, and one stated goal is to hold about 60 days of emergency supply for manufacturers.
Auto and technology companies were described as interested participants, and rare-earth stocks rose on the news.
Our take
This is a different model from the traditional defense stockpile: it's designed to serve commercial users and to keep inventory risk off companies' own balance sheets. Done well, it gives US manufacturers a buffer and gives domestic miners a more reliable buyer when Chinese pricing undercuts them.
The design questions are hard, though. Which minerals, at what price, and who gets access during a crunch? The answers will determine whether Vault stabilizes markets or just adds another large buyer.
Why it matters for AI infrastructure
Lithium, nickel and rare earths all feed the power side of AI — storage, grid equipment and magnets. A 60-day buffer won't solve a structural shortage, but it can bridge a sudden export cut.
What we're watching
- The list of minerals and target volumes
- Additional private partners joining the structure
- How Vault interacts with Congressional stockpile proposals