Project Vault: The US Critical Minerals Reserve, and the Ground It Depends On
The United States has committed about $12 billion to stockpiling minerals it does not control the ground under. This page explains what Project Vault is, then covers what is happening at the mines and corridors those minerals come from.
Project Vault is the United States Strategic Critical Minerals Reserve, announced on 2 February 2026. It is a roughly $12 billion public-private programme, backed by up to $10 billion in Export-Import Bank financing and about $2 billion in private capital. It buys and holds raw and processed critical minerals so American manufacturers are protected if foreign supply is cut off. It is built around the 60 minerals on the USGS critical minerals list.
How Project Vault is structured
| Element | Detail |
|---|---|
| Announced | 2 February 2026 |
| Size | About $12 billion in total |
| Financing | Up to $10 billion in Export-Import Bank long-term financing, plus about $2 billion in private capital |
| Scope | The 60 minerals on the USGS critical minerals list, with early emphasis on rare earths, gallium, germanium, lithium and copper |
| Management | An independent public-private partnership known as VaultCo, rather than a government agency |
| Procurement agents | Hartree Partners, Traxys and Mercuria |
| Industrial participants | Reported to include General Motors, Boeing and GE Vernova, holding fixed-price purchase options |
| Purpose | Protect civilian manufacturing from supply shocks, support US production and processing |
The minerals, and where they are produced
Project Vault covers the 60 minerals on the USGS list. The table below shows the ones named most often in reporting on the programme, the countries that dominate their mined supply, and whether Region Alert publishes ground-level coverage of a producing region.
| Mineral | Where mined supply concentrates | Region Alert coverage |
|---|---|---|
| Cobalt | Democratic Republic of Congo, roughly three quarters of world mined supply | Kolwezi tracker |
| Copper | Chile, Peru, DR Congo, Zambia | Kolwezi tracker |
| Lithium | Australia, Chile, China, with new capacity in Nigeria and Zimbabwe | West Africa weekly |
| Rare earth elements | China dominates mining and refining | Not covered |
| Gallium and germanium | China, produced mainly as a by-product of other metals | Not covered |
| Graphite | China, Mozambique, Madagascar | Not covered |
Region Alert covers producing regions where it has in-country collection. Where it does not, the table says so.
The part the policy documents do not cover
A stockpile changes who holds the inventory. It does not change who controls the ground. Most minerals on the USGS list are mined somewhere that security, regulation and community consent move week to week. Those are the variables that decide whether material reaches a ship, and they are not visible from Washington.
Three examples from Region Alert briefs published between 9 July and 3 August 2026 show what that looks like in practice.
Where the reserve's minerals actually come from
Region Alert publishes ground-level briefs on several producing regions behind minerals on the USGS list. Each is built from local-language collection inside the country.
| Mineral | Producing region we cover | Assessment | Last published |
|---|---|---|---|
| Cobalt and copper | Kolwezi and Lualaba, DR Congo | Elevated | 28 Jul 2026 |
| Gold | Sikasso belt, Mali | Elevated | 3 Aug 2026 |
| Gold and lithium | Ghana, Burkina Faso, Nigeria, Cote d'Ivoire, Mali | High | 11 Jul 2026 |
| Copper and gold | Reko Diq and Balochistan, Pakistan | Archive | 2 Apr 2026 |
Assessments carry the date they were published. Region Alert briefs are produced for subscribers on the cadence each asset needs, and the public pages above show the most recent published edition.
Frequently asked questions
What is Project Vault?
Project Vault is the United States Strategic Critical Minerals Reserve, announced on 2 February 2026. It is a roughly $12 billion public-private programme backed by up to $10 billion in Export-Import Bank financing and about $2 billion in private capital. It buys and stockpiles raw and processed critical minerals so that American manufacturers are protected if foreign supply is cut off.
Which minerals does Project Vault cover?
It is built around the 60 minerals on the United States Geological Survey critical minerals list. Reporting has put the early emphasis on rare earth elements, gallium, germanium, lithium and copper. Cobalt, graphite, antimony, titanium and the platinum group metals also sit on that list.
Who runs Project Vault and which companies are involved?
It is structured as an independent public-private partnership, referred to as VaultCo, rather than a government agency. It buys through commercial procurement agents including Hartree Partners, Traxys and Mercuria. Industrial participants reported include General Motors, Boeing and GE Vernova, which hold fixed-price purchase options that protect them against price swings.
How is Project Vault different from the National Defense Stockpile?
The National Defense Stockpile serves defence requirements and is run by the government. Project Vault is aimed at civilian manufacturing, is financed largely through export credit rather than appropriations, and is managed commercially. The two are complementary rather than duplicates.
What is the difference between Project Vault and Project FORGE?
Both were announced as part of the same push to secure critical minerals. Project Vault is the stockpile, which addresses the risk of supply being interrupted. FORGE is aimed at building processing and refining capacity, which addresses the fact that most refining currently happens outside the United States.
What is the biggest risk to Project Vault?
Stockpiling changes who holds the inventory. It does not change who controls the ground. Most of the material on the USGS list is mined where security, regulation and community consent shift week to week. A reserve can absorb a price shock. It cannot absorb a mine that stops producing.
How does Project Vault relate to the critical minerals supply chain?
Project Vault sits at the buying end of the critical minerals supply chain. It gives American manufacturers a buffer against price shocks and export controls. It does not shorten the chain or change conditions at the mines and corridors where the material originates, which is where most disruptions actually start.
Cover the ground behind your inventory
Region Alert briefs the operators, buyers and financiers behind these assets on what changed this week and what it means for them. If your exposure runs through one of these regions, tell us where and we will scope a brief to it.
Request a field brief See all minerals coverageSourcing. Region Alert assessments are produced by our intelligence team from ground-level, local-language collection in the countries we cover. Source identities and collection methodology are proprietary and are not published. Editorial principles and our corrections policy are at editorial standards.