White House to unveil $12bn rare earth stockpile - report

2nd Feb 2026 14:04

(Sharecast News) - Donald Trump is expected to launch a $12bn critical minerals stockpile, it was reported on Monday, as the US president looks to reduce America's reliance on other countries for rare earths.

The venture, dubbed Project Vault, is expected to be funded by $1.67bn of private capital and a $10bn loan from the Export-Import Bank of the United States, according to Bloomberg.

The money will be used to procure and store rare earths and critical minerals - such as lithium, nickel, gallium and cobalt - as well as other strategically important elements, for use by car makers, tech firms and other manufacturers. Products ranging from iPhones and batteries to jet engines all use rare earths and critical minerals.

The project is designed to help cut America's reliance on other countries, particularly China, for supplies.

It is also intended to reduce its exposure to open market prices, Bloomberg said, which are often volatile and, Washington has alleged, prone to manipulation by Beijing. China is the world's main supplier of the metals and minerals.

A number of companies were reported to be involved in the project, including Alphabet Inc, General Motors Co and GE Vernon, alongside three commodity trading firms.

Citing unnamed administration officials, the report added that the venture would be similar to America's existing emergency oil stockpile.

The country also already has a stockpile of critical minerals, but that is for defence and industrial usage only, and not civilian needs.

The White House has not commented on the report. However, Bloomberg said the Export-Import Bank's board was due to vote on the loan later on Monday.