U.S. Launches 'Project Vault' for Strategic Mineral Stockpile

President Donald Trump announced 'Project Vault', a strategic initiative with $10 billion in funding to secure critical minerals essential for various industries. This move is aimed at reducing dependence on foreign mineral sources, particularly from China, and supporting U.S. businesses.

In a significant move to secure the United States' mineral supply, President Donald Trump announced 'Project Vault' on Monday, a strategic stockpile initiative backed by $10 billion in seed funding alongside $2 billion from private interests. The project is designed to ensure American businesses are protected from shortages of critical minerals.

This initiative aims to counter what U.S. policymakers view as Chinese price manipulation in the mineral market, especially for minerals like lithium and nickel, which are crucial for electric vehicles and technology manufacturing. The U.S. Export-Import Bank confirmed approval of a $10 billion loan supporting this effort.

The Oval Office event saw attendance from key industry figures, including General Motors CEO Mary Barra. The newly launched project has drawn interest from diverse sectors, including auto and tech industries, providing a safety net of mineral supplies while alleviating financial risk for companies.

(With inputs from agencies.)