President of the United States Donald Trump announced plans to form a strategic reserve of critically important minerals, as reported by Bloomberg.
In the initial stages of the project, $12 billion will be allocated. The White House aims to protect American manufacturers from supply disruptions and reduce dependence on imports from China. The initiative, named Vault, involves the procurement and storage of minerals necessary for the automotive and technology sectors, as well as other areas of the economy. This can be compared to the existing emergency oil reserve in the U.S. The focus is on elements such as gallium and cobalt.
After the administration's plans became known, shares of American companies engaged in rare earth mineral extraction rose significantly.
