Project Vault and FORGE: Washington shifts from market self-regulation to state control in critical minerals

On February 2, 2026, President Trump unveiled a $12 billion initiative funded by $1.67 billion in private funds and a $10 billion loan from the US Export-Import Bank.

This initiative, known as Project Vault, which Trump compared in his White House speech to government oil reserves for emergencies, involves purchasing and storing minerals for American manufacturers.

At the same time, on February 4, during a meeting of representatives from the foreign ministries of 54 countries, the United States presented its new initiative, the “Forum for Geostrategic Resource Engagement” (FORGE), by signing a memorandum of understanding.