Trump announces creation of critical mineral reserve

February 2, 2026 4:43 PM EST

U.S. President Donald Trump speaks as he attends to sign an executive order in the Oval Office at the White House, February 2, 2026. REUTERS/Evelyn Hockstein

Feb 2 (Reuters) - ⁠U.S. ⁠President ‍Donald Trump on Monday announced ‍the creation of a ​critical mineral reserve.

"Today, we're ​launching what will be known as Project Vault to ​ensure that American businesses and workers ​are never harmed by any ‌shortage," Trump said at the White House.

The initiative ​will combine $10 ⁠billion in EXIM bank financing ‌and $2 billion from the private sector, Trump ‌said.

U.S. Secretary of the Interior ‌Doug Burgum said that 11 additional countries will ‍be announced for the initiative later ⁠this week.

(Reporting by Steve Holland, Writing by Christian Martinez. editing by Michelle Nichols )



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