Project Vault: US unveils US$12 billion critical minerals stockpile

The Trump administration just unveiled a US$12 billion bet on critical minerals—but is it a strategic masterstroke or an expensive misstep? Project Vault promises to shield American industries from supply chain vulnerabilities and volatile markets by stockpiling the metals that power everything from defense systems to electric vehicles. On the surface, it's a bold response to decades of strategic disadvantage. But scratch beneath that surface, and difficult questions emerge. Can you build supply chain resilience by telegraphing exactly what you plan to buy—and how much you're willing to pay? Does accumulating minerals solve the problem when you lack the capacity to process them? And what happens when your biggest competitor controls the very supply chains you're trying to escape?