Week in Review: Project Vault and the U.S. Strategic Critical Mineral Reserve
Washington, D.C. - The Export-Import Bank of the United States (EXIM) capped a pivotal week marked by major milestones underscoring its role as a frontline economic tool to support domestic manufacturers from supply shocks, support U.S. production and processing of critical raw materials, and strengthening America’s critical minerals sector.
On Monday, February 2, EXIM, in coordination with the White House, announced the launch of Project Vault, an unprecedented and uniquely American decentralized approach to strengthen U.S. critical minerals supply chains. Backed by a $10 billion EXIM loan and nearly $2 billion in private-sector investment, Project Vault establishes the U.S. Strategic Critical Minerals Reserve, an independently governed public-private partnership that will store essential raw materials in secure facilities across the United States.
Following EXIM’s approval of Project Vault, Chairman Jovanovic highlighted the project’s innovative structure in securing critical minerals supply chains during media appearances on CNBC and Bloomberg.
Later in the week, Chairman Jovanovic participated in a fireside chat at the Center for Strategic and International Studies’ (CSIS) “Securing Critical Mineral Supply: A Government-Industry Dialogue,” where he emphasized EXIM’s role in advancing practical public-private financing solutions that reinforce U.S. industrial resilience and economic competitiveness. Other senior level EXIM officials who took part in the event were Senior Vice President Katherine Bowles, Global Head of Origination Sarah Whitten, and Chief Banking Officer Brian Greeley.
Chairman Jovanovic closed out the week participating in the Critical Minerals Ministerial, hosted by Secretary of State Marco Rubio, a key international forum focused on strengthening global critical minerals supply chains. During the ministerial, which was attended by representatives from 50+ countries and several key U.S. government officials, Chairman Jovanovic delivered remarks further touting Project Vault as well as EXIM’s ongoing commitment to protecting American workers.
Read more about Project Vault and the U.S. Strategic Critical Minerals Reserve below:
- Project Vault: $12B initiative to secure US mineral supply
- Introducing Project Vault, a critical mineral stockpile for American businesses 💎🇺🇸 – The White House
- Trump Launches $12 Billion Minerals Stockpile to Counter China - Bloomberg
What They Are Saying:
President of the United States Donald Trump said: “We’re launching what will be known as Project Vault to ensure that American business and workers are never harmed by any shortage. Just as we have long had a strategic petroleum reserve and stockpile of critical minerals for national defense, we’re now creating this reserve for American industry, so we don’t have any problems.”
Scott Strazik, Chief Executive Officer of GE Vernova, said: “As we rise to the challenge of meeting America’s and the world’s rapidly growing needs for key power and grid equipment, the need to grow supply chains and access to critical minerals has never been more important. We’re thankful for the historic leadership around Project Vault, a timely initiative that will advance more access to affordable, reliable power and strengthen energy security for American families, communities and partners.”
Brian Falik, President of Mercuria Energy Americas, said: “Project Vault represents a transformative approach to strategic sourcing, and Mercuria is honored to contribute to this historic effort. By aligning private capital with national security objectives, we’re reinforcing the foundations of American manufacturing and ensuring long-term access to critical raw materials. This partnership is a testament to what’s possible when industry and government move decisively together”
Mark Kristoff, Chief Executive Officer of Traxys, said: “Traxys is proud to be a critical minerals supplier for Project Vault. This groundbreaking initiative of EXIM Bank and the U.S. government, which establishes an U.S. Strategic Critical Minerals Reserve, bolsters the supply chain of critical minerals for American manufacturers and enhances national economic security.”
Stephen Hendel, Founding Managing Partner of Hartree, said: “Hartree is pleased to be a leading participant in this landmark transaction and congratulates EXIM and all partners on an exceptional achievement. Project Vault demonstrates the power of innovative public-private partnerships to strengthen U.S. industry and supply-chain resilience. This initiative reflects Hartree’s longstanding commitment to supporting American industrial end-users and manufacturers, and we look forward to supporting its long-term success.”
Adam Muellerweiss, Vice President of Strategic Initiatives of Clarios, said: “The U.S. Strategic Critical Minerals Reserve is an essential and unprecedented step in securing critical minerals supply chains for US manufacturing now and for generations to come, and Clarios is honored to work with the Trump Administration to stand up this vital initiative.”
Jeff Shockey, Executive Vice President, Government Operations, Global Public Policy and Corporate Strategy of Boeing, said: “Boeing strongly supports the Trump Administration’s efforts that strengthen supply chain resilience for critical minerals and bolster American manufacturing competitiveness. We thank Chairman Jovanovic and the EXIM Board for their leadership and focus on strengthening the U.S. industrial base and protecting jobs.”
ABOUT EXIM:
As the United States government’s official export credit agency, the Export-Import Bank of the United States (EXIM) supports American jobs by facilitating U.S. exports. As an independent agency, EXIM plays a critical role in supporting economic growth, securing critical supply chains, and ensuring American businesses are given a fighting chance. To achieve this mission, EXIM offers financing including export credit insurance, working capital guarantees, loan guarantees, and direct loans. Learn more at www.exim.gov.
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