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 nea...