White House unveils 'Project Vault' to create U.S. Strategic Critical Minerals Reserve with $12 billion in financing

The president announced the creation of the US Strategic Critical Minerals Reserve, calling the initiative "Project Vault," and said it will be the first-ever stockpile of critical minerals held for civilian use in emergencies. He said the initiative combines $10,000,000,000 in Export‑Import Bank financing with $2,000,000,000 in private capital.

"Today, we're announcing the creation of The US Strategic Critical Minerals Reserve, the first ever stockpile of critical minerals that you've been hearing so much about," the president said during the event. He added his expectation that "the American taxpayer to make a profit from the interest on the loan used to start the project vault."

Export‑Import Bank chairman John Yovanovitch said the administration set a directive to create a reserve that benefits the nonmilitary manufacturing complex and that the structure is intended not to be subsidized by American taxpayers. "Mister president, what you've announced today is a truly uniquely American solution," Yovanovitch said, describing a public‑private approach that he said pairs U.S. capital markets with manufacturers, miners and innovators.

General Motors CEO Mary Barra thanked the administration for policies she said strengthened U.S. manufacturing and supply‑chain resilience. "Having a resilient supply chain is critical for our nation, and it's critical for all industry, especially the auto industry," Barra said, adding that the measures support job creation and consumer confidence.

Robert Friedland, founder and executive co‑chairman of Ivanhoe Mines, framed the project as part of a broader industrial revival, saying miners are "elated" and urging that metals be refined and used in the U.S. Doug (identified in the transcript as Doug Burgum) and other officials highlighted expedited permitting and an "Amber Road" project that they said unlocked more than 1,700 mining claims in Alaska.

Speakers onstage described the transaction as among the largest Export‑Import Bank deals in the agency's history and emphasized plans to combine financing, domestic mining and refining to reduce reliance on single foreign suppliers for critical materials. Specific locations for reserve stockpiles, operational timelines, procurement contracts, and environmental or permitting conditions were not detailed at the event.

Next steps announced at the event focused on implementation planning with industry and international trade partners; no new legislation or formal vote was announced. Officials said further specifics on siting, procurement and timelines would be provided at later briefings.