The US is expanding rare earth element reserves
On February 2, US President Donald Trump announced at an event held at the White House the launch of a new initiative called “Project Vault.” This was reported by Zamin.uz.
According to him, this project aims to protect American companies and workers from shortages of critical resources. Trump emphasized that this initiative will ensure economic security by creating a strategic reserve.
Within the framework of the project, $1.67 billion in private capital will be combined with a $10 billion loan allocated by the US Export-Import Bank. These funds will be directed towards purchasing strategically important minerals and storing them as reserves.
The reserve is primarily intended to meet the needs of companies operating in the automotive and technology sectors. Trump compared this initiative to the strategic reserve principle established for national defense needs, presenting it as an effective solution.
The practical part of the project is also clearly defined. Major companies such as Hartree Partners, Traxys North America, and Mercuria Energy Group will participate in raw material procurement and logistics processes.
The main goal of the project is to reduce imports of rare earth elements dependent on China. US Secretary of the Interior Douglas Bergam also announced that 11 more countries will join the “critical minerals trade club.”
This not only involves creating reserves but also aims to strengthen the supply chain with allies. At the same time, the Japanese government is actively participating in the search for rare earth elements.
The Tokyo government has identified, based on samples taken from a depth of 6,000 meters, that there may be over 16 million tons of rare earth element reserves near Minamitori Atoll in the Pacific Ocean. If confirmed, this could become one of the largest deposits in the world.
Behind these efforts lie China’s restrictions on rare earth element exports. China is striving to maintain its monopoly position, which is prompting other countries to strengthen their own resources.
Today, rare earth elements used in technology manufacturing hold strategic importance for the global economy. China, Vietnam, Brazil, and Russia are among the leading countries in this field.
Especially elements like scandium, used in the space sector and defense industry, are considered very valuable and important. In conclusion, the world is entering an era of “resource security,” and competition in this area is intensifying.
