POLITICO Energy Trump’s critical minerals summit is today. Here’s what to know.
Feb 4, 2026
Hannah Northey, a reporter on mining, environmental policy and politics, breaks down the Trump administration’s big moves on critical minerals. She explains Project Vault’s $12 billion stockpile plan. She outlines the international summit to build a non-China minerals market. She discusses which companies might benefit and the political and policy questions that remain.
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China Drives U.S. Minerals Push
- The Trump administration is pushing a minerals agenda to reduce U.S. reliance on China across clean energy and defense supply chains.
- Officials frame it as national security, economic competitiveness, and a core pillar of Trump's resource diplomacy.
Project Vault: A Minerals SPR
- Project Vault is a $12 billion effort to build a strategic minerals reserve funded by a $10 billion Ex-Im loan and $2 billion private equity.
- The plan mirrors the SPR but targets non-military manufacturing and leaves many operational details unresolved.
Traders Running Purchases Raise Questions
- Commodity traders Hartree Partners, Trafigura, and Mercuria will handle purchases for the stockpile, raising questions about selection and role.
- Key uncertainties include which minerals to target and the procurement and governance rules for suppliers.