US President Donald Trump’s administration has announced Project Vault, aiming to establish a strategic reserve of rare earth elements to mitigate China’s dominance in the sector, which controls 70% of mining and 90% of processing. The initiative will be funded by a $10 billion loan from the US Export-Import Bank and $1.67 billion in private capital, providing essential minerals for manufacturers of electronics and vehicles. The reserve is intended to prevent supply chain disruptions, especially after China restricted exports during previous trade negotiations. Trump is scheduled to meet with General Motors CEO Mary Barra and mining billionaire Robert Friedland as part of these efforts.
Want More Context? 🔎
Loading PerspectiveSplit analysis...
