Following Australia’s lead, the US Government has launched its own strategic critical minerals reserve, aimed at strengthening domestic supply chain security.

Dubbed Project Vault, the initiative is an independently governed public-private partnership that will store essential raw materials in facilities across the US.

The reserve will be underwritten by a direct $US10 billion loan from the US Export-Import Bank (EXIM), providing long-term financing to a partnership between original equipment manufacturers and private sector capital providers. Around $US1.67 billion had been pledged from private capital sources so far.

“Project Vault is designed to protect domestic manufacturers from supply shocks, support US production and processing of critical raw materials, and strengthen America’s critical minerals sector,” EXIM chairman John Jovanovic said.

“The US Strategic Critical Minerals Reserve will help manufacturers in the United States compete, grow and lead globally while creating jobs domestically, strengthening our economy and advancing the national interest.”

Initial indications of participation from original equipment manufacturers include Clarios, GE Vernova, Western Digital and Boeing, among others. Suppliers servicing Project Vault are expected to include Hartree Partners, Mercuria Americas and Traxys.

Australia launched its own $1.2 billion Strategic Critical Minerals Reserve last year and has committed to implementing the initiative by the end of 2026.

The Project Vault announcement comes as Australia’s Federal Resources Minister Madeleine King arrives in Washington for an international summit focused on critical minerals supply chain security.

Australia will join around 20 nations at the United States-hosted meeting, which is expected to examine measures to improve supply chain resilience, including potential pricing mechanisms for certain rare earths and critical minerals.

As part of the visit, King will represent Australia at a United States-led Critical Minerals Dialogue of ministers, hosted by US Secretary of State Marco Rubio, and will participate in an industry forum aimed at strengthening cooperation between governments and the private sector.

The meetings support implementation of the Australia–US Critical Minerals and Rare Earths Framework signed by Prime Minister Anthony Albanese and US President Donald Trump in Washington last October.

“Australia has a responsibility to lead on the supply of critical minerals and rare earths globally,” King said.

“Australia is at the forefront of global efforts to diversify supply chains for critical minerals and rare earths, which are essential for defence and clean energy technologies.”

The summit follows recent G7 discussions on critical minerals and is expected to involve the United Kingdom, United States, Japan, France, Germany, Italy and Canada, alongside countries including India, South Korea, Mexico, Australia, New Zealand and potentially Argentina.

Read more: What record US defence spending could mean for Australian miners

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