Trump’s “Project Vault” sparks a rare-earth rally – miners pop as Washington moves to wean off China

Stocks of US-listed rare-earth miners jumped Monday after reports that the White House is pushing a big new plan to build a strategic stockpile of critical minerals – a move meant to cut America’s reliance on Chinese supply chains.

Called “Project Vault,” the effort would pair roughly $1.67 billion in private capital with a $10 billion, 15-year loan from the US Export-Import Bank to buy and hold rare earths and other critical minerals for automakers, tech firms and defense contractors. The initiative, first reported by Bloomberg, is pitched as a first-of-its-kind private-sector stockpile with government backing; EXIM’s board was set to vote on authorizing the loan. A White House official described the plan to Reuters; the administration hasn’t issued a full public rollout yet.

Markets cheered the prospect of guaranteed demand and easier financing for domestic producers. MP Materials, which runs the Mountain Pass mine in California, surged about 6% in early trading. USA Rare Earth and Critical Metals Corp. jumped roughly 13% and 12%, respectively – traders betting Project Vault could speed up government contracts and cash flows for the industry.