Mining Engineering’s Weekly Rundown: Episode 38
Welcome to Mining Engineering’s Weekly Rundown, where we break down the latest news shaping the mining industry. As usual, we’re diving into a few major headlines that are striking the sector.
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First, U.S. President Donald Trump has launched Project Vault, a $12 billion critical minerals stockpile aimed at securing domestic supply chains and countering China’s grip on resources. Funded through a $10 billion loan from the U.S. Export-Import Bank and $2 billion in private capital, the project will stockpile lithium, nickel and rare earths to stabilize prices and ensure a 60-day emergency supply for American manufacturers. Commodities traders Hartree Partners, Traxys and Mercuria will manage procurement, while General Motors CEO Mary Barra and mining investor Robert Friedland are expected to advise on implementation.
Next, Australian miner Sunrise Energy Metals says it expects to supply scandium to the U.S. stockpile under Project Vault, reinforcing deepening resource ties between Washington and Canberra. CEO Sam Riggall told Reuters that the company’s Syerston project in New South Wales, co-chaired by Friedland, will likely feed the strategic inventory once production begins in 2028. Sunrise recently secured $67 million in EXIM Bank support and has started early construction, betting on rising demand for scandium-aluminum alloys used in aerospace, defense and electric vehicles. The U.S.–Australia collaboration coincides with a global critical minerals summit in Washington, where officials from 50 nations are discussing strategies to strengthen Western supply chains and reduce dependence on China’s processing dominance.
Finally, U.S. Vice President J.D. Vance has unveiled plans to form a critical minerals trade bloc with allied nations, proposing coordinated price floors to shield producers from Chinese undercutting and stabilize global markets. The initiative, discussed at the Washington summit, would establish reference prices at each stage of production and enforce them through adjustable tariffs. The proposal follows China’s recent export restrictions on rare earths that disrupted automakers and defense suppliers, and comes as Washington seeks to expand cooperation with partners including Japan, South Korea and Australia.
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