President Donald Trump is preparing to build a strategic stockpile of critical minerals, launching Project Vault. The plan pairs $1.67 billion in private capital with a $10 billion loan from the U.S. Export-Import Bank. This move aims to reduce America’s reliance on China for materials essential to various industries.

Shares of U.S.-listed rare earth miners like MP Materials, USA Rare Earth, and Critical Metals Corp surged after news of Trump’s plan. Investors are optimistic that the initiative could boost domestic demand and government-backed financing for the sector. USA Rare Earth has already discussed a potential funding deal with the federal government.

Washington has taken a more active role in the rare earth minerals sector, with the Department of Defense striking a deal with MP Materials last summer. The agreement included an equity stake, price floor, and a commitment to purchase a specific amount of rare earth minerals and magnets. This move is part of broader efforts to secure critical minerals supply chains.

Read more at CNBC: Rare earth miners jump as Trump is reportedly eyeing mineral stockpile