The Export–Import Bank of the United States (EXIM) has approved a direct loan of up to US$10B to support Project Vault, a new public–private initiative to establish a U.S. Strategic Critical Minerals Reserve. The initiative was announced on 2 February during a White House event attended by EXIM Chairman John Jovanovic, senior government officials, and industry representatives.
Project Vault will create a distributed national reserve of critical raw materials designed to improve supply chain resilience for domestic manufacturers. The reserve will be governed independently and supported by a consortium of original equipment manufacturers and private capital providers. Early participation indications include Clarios, GE Vernova, Western Digital, Boeing, and other major industrial companies. Hartree Partners, Mercuria Americas, and Traxys are expected to serve as key suppliers to the programme.
According to the announcement, the financing is intended to strengthen U.S. access to critical minerals used in advanced manufacturing and strategic technologies, while reducing reliance on foreign‑controlled supply chains. The structure of the initiative is designed to provide a net positive return for U.S. taxpayers while enhancing the stability of domestic industrial operations during periods of market disruption.
Industry leaders welcomed the approval, emphasising the importance of secure and diversified mineral supply for energy infrastructure, technology production, and long‑term industrial planning. Several participants highlighted the value of aligning private sector investment with national supply chain and economic security objectives.
The financing decision underscores EXIM’s role in supporting U.S. industry and exporters through long‑term, strategic lending aimed at strengthening industrial capacity and supply chain resilience.
