In the first week of February, the Donald Trump administration of the United States unveiled Project Vault, an independently governed and operated public-private partnership aimed at establishing a strategic domestic reserve of critical mineralsin the United States. Under this development model, EXIM provides long-term loans to purchase and store critical minerals in the country. In this context, Project Vault is intended to function as a long-term insurance for domestic manufacturers, who could procure minerals without geographic restrictions, based on supply availability and commercial considerations, and store them. In short, Project Vault represents not another industrial policy but a new strategic doctrine, in which critical minerals and rare earth elements are not just commodities but strategic assets that underpin comprehensive national power. EXIM chairman John Jovanovic emphasised that Project Vault will initially focus on building and securing domestic manufacturing capacity in critical minerals, with a broader focus on allied engagement to strengthen shared supply chains through partnerships.

Source: The Hindu February 18, 2026 10:51 UTC