Project Vault, announced on 2 February 2026 by US President Donald Trump and US Export-Import Bank (EXIM) Chairman John Jovanovic, establishes a new US Strategic Critical Minerals Reserve, backed by a US$10 billion EXIM loan.
The initiative provides long-term financing for partnerships between original equipment manufacturers (OEMs) and private sector capital providers.
EXIM Chairman John Jovanovic says that the purpose of Project Vault is to “support domestic manufacturers from supply shocks, support US production and processing of critical raw materials, and strengthen America’s critical minerals sector”.
Project Vault will secure domestic supply of critical minerals by storing essential raw materials in facilities across the US.
Initial participants in the loan include Clarios, GE Vernova, Western Digital, Boeing, among others. Suppliers that will be servicing Project Vault include Hartree Partners, Mercuria Americas, and Traxys.
For the mining industry, the initiative signals strong demand for US-sourced minerals, expanded public-private partnerships, and heightened strategic importance of critical raw materials to national security.
EXIM notes that the innovative structure of Project Vault will deliver net positive returns for US taxpayers while also ensuring that American manufacturers have access to critical raw materials.
In October 2025, the US and Australian governments signed a framework to secure supply in the mining and processing of critical minerals and rare earths. As part of this, EXIM issued seven initial letters of intent totalling over US$2.2 billion to advance Australian-run projects.
ASX-listed companies stand to benefit, with EXIM-backed financing positioning them at the forefront of US-Australia cooperation. Funding accelerates project development and elevates Australian miners into the global supply chain conversation.
Write to Amy Rotman at Mining.com.au
Images: Unsplash
