POLITICO Energy Inside the Ex-Im chairman’s $12B plan to win the minerals race
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Mar 23, 2026 John Jovanovic, chairman and president of the Export-Import Bank, explains a $12 billion plan to build a domestic stockpile of critical minerals. He discusses the public-private VaultCo structure, congressional oversight, and how the effort fits into wider supply-chain and geopolitical competition with China. The conversation also covers EXIM’s wider role in energy projects and regional investment strategies.
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Project Vault Is A Demand Driven Strategic Reserve
- Project Vault is designed as a demand-driven strategic reserve to de-risk U.S. supply chains for 60+ critical minerals.
- EXIM will combine long-term debt, private sector capital, and OEM subscriptions so inventory is kept dynamic and market-friendly.
Make Industry Commit Financially To Avoid Taxpayer Subsidies
- Structure Vault so industry pays and commits long-term to ensure viability without taxpayer subsidies.
- OEMs subscribe, can access portions annually, and must replenish allocations to maintain the reserve's liquidity.
Vault Avoids Static Hoarding With Annual Access Rules
- Vault intentionally avoids mirroring the Strategic Petroleum Reserve by letting OEMs draw limited annual allocations.
- This keeps inventory turning and prevents creating market-disrupting hoards across 60+ contemplated materials.