US creates critical minerals reserve - $12 billion to confront China's dominance
US President Donald Trump has announced the creation of a reserve for critical minerals worth nearly $12 billion that could counter China's ability to wield its global dominance.
“Today we are launching what will be known as Project Vault to ensure that American businesses and workers are never hurt by any shortage,” Trump said at the White House. He compared it to the Strategic Petroleum Reserve (SPR), which was created in the 1970s when an embargo by Arab countries led to a devastating gas shortage.
The Home Secretary said 11 more countries will be notified of the initiative later this week. Rare earths are a category of critical minerals, essential to the defense, automotive and electronics industries.
The project will initially be financed by a $10 billion loan from the Export-Import Bank of America and nearly $1.67 billion in private equity. The minerals held in reserve would help protect manufacturers of autos, electronics and other goods from any supply chain disruptions.
During trade talks last year prompted by Trump's tariffs, China restricted the export of rare metals needed for jet engines, radar systems, electric vehicles, laptops and phones.
“We never want to go through what we went through a year ago,” Trump said in an apparent reference to the standoff with China, adding that in the end “it all worked out.” The president said he expected the government to make a profit on the loan that would be used to start the reserve.
China controls about 70% of the world's critical mines and 90% of global processing. This has given it complete control over the sector, forcing the US to rely on alternative sources of the elements, creating a reserve similar to the national oil reserve.
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