Global competition over critical minerals is entering a new phase, as the United States and Japan roll out parallel strategies aimed at reducing dependence on China.

U.S. officials confirmed this week that Washington has launched Project Vault, a strategic minerals stockpiling program with nearly US$12 billion in initial funding. The plan combines about US$1.67 billion in private capital with US$10 billion in loans from the Export-Import Bank of the United States.

Project Vault is designed to build domestic stockpiles of critical minerals used in the automotive, technology, and defense industries. Officials familiar with the program say it will operate through centralized bulk purchasing, creating roughly 60 days of emergency reserves for materials such as rare earths, lithium, and nickel.

The move reflects growing concern in Washington over China’s dominance in global critical mineral supply chains. According to data from the International Energy Agency, China controls nearly two-thirds of global rare-earth mining output and more than 90 percent of refining capacity, giving Beijing significant geopolitical leverage.

Japan announced a separate breakthrough on the same day. The Japan Agency for Marine-Earth Science and Technology said its research vessel Chikyu successfully recovered rare–earth–bearing sediments from the seabed at a depth of about 6,000 meters near Minamitorishima, marking the world’s first extraction attempt at that depth.

Japanese officials estimate the surrounding area holds more than 16 million metric tons of rare-earth resources within Japan’s exclusive economic zone. Analysts say commercial development could significantly reduce Japan’s reliance on Chinese supply.

Together, the U.S. stockpiling push and Japan’s deep-sea mining effort highlight a shared goal among democratic allies: reshaping critical mineral supply chains to reduce vulnerability to disruptions and geopolitical pressure.