Source: Fox News
Summary
President Donald Trump has announced a $12 billion “Project Vault” to create a federally supported stockpile of rare earth elements and other critical minerals, aiming to reduce US dependence on China. The project is backed by $1.67 billion in private seed money and a $10 billion loan from the Export-Import Bank. Industry experts warn that the US is “one crisis away” from losing access to these elements, which power everything from fighter jets to electric vehicles.
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As expected, the matter has reached another stage.
President Trump announces a new project to address US dependence on China for rare earth elements. Industry experts warn of the risks of relying on China. The project aims to create a stockpile of critical minerals. Graphite One, a critical mineral developer, compares the concept to the Strategic Petroleum Reserve. The US is currently 93% import-dependent on rare earth elements and graphite.
The announcement of Project Vault follows Trump’s previous statements on the importance of Greenland’s resources and national security.
The project’s goal is to ensure US businesses and workers are not harmed by shortages of critical minerals.
The US is “one crisis away” from losing access to these elements, according to industry experts.
Project Vault is seen as a turning point in the battle over China’s dominance of global supply chains.
Author: Evan Null
