US, Allies to Sign Minerals Deal to Break China’s Rare Earth Dominance

The Trump administration plans to launch a $12 billion “emergency warehouse” for critical minerals used in the production of cars, phones, and aircraft, the Associated Press (AP) reported.

“Project Vault” is a critical minerals stockpile to be funded by a $10 billion loan from the US Export-Import Bank and nearly $1.67 billion in private capital. (Photo: Ben Schumin, Wikimedia Commons) 

Under the plan, the US would purchase and store key minerals in an effort to reduce reliance on China and bolster supply chain resilience among allied nations. Details of the stockpile were released recently.

Vice President JD Vance is expected to deliver a keynote address Wednesday at a meeting with Secretary of State Marco Rubio and officials from Europe, Asia, and Africa.

The US is also expected to sign agreements on supply chain logistics, though specifics have yet to be disclosed.

AP reported that Rubio met with the foreign ministers of South Korea and India to discuss cooperation on critical minerals mining and processing.

The meetings follow President Trump’s announcement of “Project Vault,” a critical minerals stockpile to be funded by a $10 billion loan from the US Export-Import Bank and nearly $1.67 billion in private capital. China currently controls about 70% of global rare earth mining and 90% of processing capacity.