Donald Trump announced the creation of a $12 billion critical mineral reserve called Project Vault on Monday at the White House. He said the reserve will protect American businesses and workers from shortages, comparing it to the Strategic Petroleum Reserve from the 1970s. The project is initially funded by a $10 billion loan from the US Export-Import Bank and nearly $1.67 billion in private funds. Trump said, "Today we’re launching what will be known as Project Vault to ensure that American businesses and workers are never harmed by any shortage." The reserve will stockpile rare earth minerals used in jet engines, electric vehicles, radar, laptops, and phones. These minerals have been a source of tension, as China controls about 70% of the world’s rare earth mining and 90% of processing. Last year, China restricted exports of these minerals during trade talks with the US. Trump stated, "We don’t want to ever go through what we went through a year ago," referring to these trade conflicts but added, "ultimately, it did work out." Interior Secretary Doug Burgum said that 11 more countries will join the initiative soon, with a meeting at the State Department scheduled for Wednesday. The meeting, hosted by Secretary of State Marco Rubio, will include officials from Europe, Africa, and Asia, plus Vice President JD Vance, who will give a keynote address. Several bilateral agreements to improve supply chains are also expected to be signed. The government’s loan for the reserve will last 15 years. The US previously invested in rare earths companies like MP Materials and supports Vulcan Elements and USA Rare Earth. Trump announced the reserve alongside GM CEO Mary Barra and mining billionaire Robert Friedland, as well as other officials and lawmakers. This new reserve aims to reduce reliance on China’s mineral dominance and strengthen US supply security.