The United States has announced a $12 billion strategic minerals stockpile, Project Vault, aimed at securing civilian access to critical materials such as rare earths, cobalt and gallium. The initiative combines a $10 billion loan from the U.S. Export-Import Bank with $1.67 billion in private capital. It involves manufacturers including General Motors, Stellantis, Boeing, Corning, GE Vernova and Google. Three commodity traders, Hartree, Traxys and Mercuria, will procure materials on behalf of the program.
Project Vault is modeled on the U.S. emergency oil reserve but focused on industrial inputs used in products like batteries, jet engines and electronics. Participating companies can submit a list of preferred materials for inclusion. In return for early financial commitments, they gain access to stored inventories during disruptions and agree to replenish any materials withdrawn. A long-term price-lock mechanism is designed to reduce volatility, requiring participants to repurchase the same volume at the original price. Specific fees and investor identities have not been disclosed, though U.S. officials say the project was oversubscribed due to strong interest from manufacturers and credit backing.
The stockpile complements existing U.S. reserves for military use, but is the first strategic initiative focused on civilian industrial sectors. It follows a broader U.S. policy shift, including direct investment in domestic mining, export controls on China and trade cooperation with allies. The initiative gained momentum after China tightened export controls last year, which led some U.S. firms to cut production. U.S. officials have cited past market disruptions, such as the nickel price spike after Russia’s invasion of Ukraine, as evidence that diversified stockpiles are needed to buffer shocks.
Alongside the stockpile, the Trump administration is proposing a critical minerals trading bloc with allied countries to coordinate pricing and prevent market flooding by Chinese suppliers. Japan, Mexico and the European Union have entered early talks. The bloc would establish price floors, support joint procurement and restrict circumvention of trade rules. The goal is to create stable investment conditions and resilient supply chains within a controlled trade zone.
The U.S. already maintains a national stockpile for defense purposes. By contrast, no critical mineral reserves are currently in place in the European Union or its member states, either for military or civilian use. The EU has recently launched RESourceEU, which includes a pilot for joint stockpiling starting in 2026 as part of a broader framework to support procurement and secure supply. However, the bloc currently lacks physical reserves, and no individual country has announced national stockpiling efforts. It also remains unclear how much of the €3 billion announced under RESourceEU reflects new funding, and to what extent it consolidates existing support measures under a single platform.
The scale and speed of U.S. actions may now influence how European countries proceed. Member states could choose to develop national stockpiles ahead of the EU’s 2026 timeline, particularly those with large industrial users such as Germany or France. Without such steps, the EU risks falling behind as coordinated pricing, procurement and stockpiling reshape access to critical minerals.
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