United States President Donald Trump has announced the launch of a strategic minerals stockpile.
The stockpile, called Project Vault, was announced on Monday. It will combine $2bn of private capital with a $10bn loan from the US Export-Import Bank.
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It is the latest move by the White House to invest in rare-earth minerals needed in the production of key goods, including semiconductor chips, smartphones and electric car batteries.
The aim is to “ensure that American businesses and workers are never harmed by any shortage”, Trump said at the White House.
The move to develop a strategic stockpile is the latest in a slew of efforts by the Trump administration to take control of the means of production for critical rare-earth materials to limit reliance on other countries, particularly China, which has held up its exports to gain leverage in negotiations with Trump.
Here’s a look at some of the investments the US government has made in this space.
What are the investments?
In 2025, the Trump administration acquired equity stakes in seven companies by converting federal grants into ownership positions. Among the investments is a 10 percent stake in USA Rare Earth, which plans to build rare-earth element and magnet production facilities in the US.
The project is supported by $1.6bn in funding allocated under the CHIPS Act, legislation passed during the administration of former Democratic President Joe Biden, aimed at reducing dependence on China for semiconductor manufacturing.
USA Rare Earth announced the investment last week and expects commercial production to begin in 2028.
The US government also acquired a roughly 10 percent stake, valued at about $1.9bn, in Korea Zinc to help fund a $7.4bn smelter in Tennessee through a joint venture controlled by the US government and unnamed US-based strategic investors, who would then control about 10 percent of the South Korean firm.
The venture will operate a mining complex anchored by two mines and the only operational zinc smelter in the US. Construction is set to begin this year, with commercial operations expected to start in 2029.
In October, the government announced a $35.6m investment to acquire a 10 percent stake in Canadian-based Trilogy Metals to support the Upper Kobuk Mineral Projects (UKMP) in Alaska. The investment backs the development of critical minerals, including copper, zinc, gold, and silver, in Alaska’s mineral-rich northwest Ambler mining district.
Also in October, the US announced a 5 percent stake in Lithium Americas as part of a joint venture with General Motors (GM) to fund operations at the Thacker Pass lithium mine in Nevada. The project will supply lithium for electric vehicles and has attracted significant interest from the Detroit-based automaker.
In August, the White House acquired an almost 10 percent stake in Intel. The government’s investment in the semiconductor chip giant was an effort to help fund the construction and expansion of the company’s domestic manufacturing capabilities.
In July, the White House announced a 15 percent investment in MP Materials, which operates the only currently active rare-earth mine in the US, located in California. The largest federal stakeholder in the investment is the Department of War, then called the Department of Defense, which committed $400m.
The US is also reportedly exploring an 8 percent share in Critical Minerals for a stake in the Tranbreez rare-earths deposit in Greenland, underscoring Trump’s unsolicited attempts to acquire the Danish self-governed territory, the Reuter