Fox News came to a halt for Donald Trump as he delivered some major news about launching a $12 billion project to stockpile critical minerals as a hedge against Chinese dominance. The project has been named Project Vault, and the US President shared details live on Fox News from the White House as he spoke in the Oval Office today. Sitting at his desk, reading from a script, he said: “For years, American businesses have risked running out of critical minerals during market disruptions. Today, we will be launching what will be known as Project Vault to ensure that American businesses and workers are never harmed by any shortage. We don’t want to have to go through what we went through a year ago – although it did work out.”
He continued: “Just as we have had a long strategic patrol and reserve and a stockpile of critical minerals, we are now creating this reserve for American industry so we don’t have any problems.”
The announcement comes as Trump increases efforts to re-shore manufacturing by shifting American supply chains away from Beijing.
The project would combine a $10 billion loan from the US Export-Import Bank with $1.67 billion in private capital to buy and store minerals for industrial users, technology companies and automakers.
US Critical Materials chairman, Harvey Kaye, told mining.com: “Project Vault is a clear signal that US critical‑mineral policy has moved to deployment.
“It says unequivocally that secure supplies of rare earths and heavy minerals like gallium are now treated as strategic infrastructure for our economy and defence industrial base, to establish US sovereignty.”
Fox News viewers have been reacting to the announcement, with one writing on X: “This initiative is crucial for economic security.” Another said: “So how does this help my business? Or is this another thing that only helps billionaires?”
A third added: “Another idea that will sooner or later be added to the list of Trump failures!”