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Can Project Vault Fortify the US Industrial Base Against Mineral Chokepoints?

In February 2026 the U.S. Air Force faced F‑35 radar delays because gallium supplies were blocked by China, prompting the launch of Project Vault, a $12 billion strategic critical‑mineral reserve backed by the Export‑Import Bank and private investors. Unlike the historic National Defense Stockpile, Vault is designed as a flexible, market‑oriented “pre‑crisis” buffer that can release processed, defense‑grade materials before a national emergency. Its success hinges on governance rules that separate raw‑material stabilization from the high‑purity supplies needed for weapon production and that coordinate with the DLA to avoid crowding out existing stockpiles. If implemented correctly, Vault could protect the U.S. defense industrial base from China’s mineral chokepoints; if not, it may become a costly duplicate.