U.S. President Donald Trump has ordered the creation of a reserve of rare earth elements and other strategic minerals in the United States worth 12 billion dollars (approximately 247 billion CZK). A large share of these metals is located in China, and Trump wants to ensure that U.S. companies always have sufficient supplies. News agencies reported this, citing the president’s Monday statement at the White House. These minerals are especially important for the electronics industry and the production of electric vehicles.
Project Vault and its financing
According to Trump, the initiative is called Project Vault. He added that it will be financed by the Export-Import Bank (EXIM), which, as the official export credit agency of the U.S. government, focuses on financing exports and will invest ten billion dollars in the project. Private investors will contribute an additional two billion dollars.
U.S. Secretary of the Interior Doug Burgum said that another 11 countries will join the project. The government is expected to announce which countries these will be by the end of the week.
Strategic minerals and international cooperation
The idea behind the project is that U.S. companies should be able to purchase strategic minerals from the reserves at a pre-agreed price. This would protect them from shortages or price volatility on the global market. It is also expected that the reserves will be replenished over time. Rare earth elements are needed, among other things, for the production of magnets. Strategic raw materials also include lithium and cobalt.
According to Trump, the United States has concluded agreements on strategic minerals with countries around the world. The U.S. Department of State said that a ministerial meeting on the topic is scheduled to take place in Washington on Wednesday, with participants from more than 50 countries.
