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Project Vault: US unveils US$12 billion critical minerals stockpile
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
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?
Table of contents
- If you can’t beat them, join them
- Filling the Vault: targets vs reality
- Meaningful for metals markets?
- Cracks in the Vault already?
- Key takeaways
Tables and charts
This report includes the following images and tables:
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US minerals demand by volumeUS minerals demand by valueThe Vault's content could vary depending on what minerals are preferentially targeted
What's included
This report contains:
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