Feb. 2 (UPI) -- President Donald Trump plans to launch a $12 billion stockpile of rare earth minerals to curb U.S. dependence on China.
The project is called Project Vault and it will be funded by a $10 billion loan from the U.S. Export-Import Bank and about $1.67 billion in private capital.
Trump's plan seeks to procure and store rare-earth minerals that are critical to the automotive, defense, and tech industries. Minerals would be stored for use by U.S. manufacturers.
Some critical minerals that are of interest to tech companies and electric vehicle manufacturers include cobalt, lithium, titanium, silicon, nickel and graphite.
Rare earth minerals have been a focus of Trump's during his second term. The White House said the United States was reliant on imports of minerals in 2024. Trump has since used mineral acquisition as a key point of international negotiations.
