Earlier this week, the US government announced Project Vault - a $12 billion critical minerals stockpile scheme.

How that $12 billion of critical mineral inventory is going to look has not yet been defined, because it depends on the companies participating, which industry they are in and which materials are their priorities.

Project Blue analysts have used our unique supply chain data to examine US primary demand and supply in recent years to assess which markets may currently have strong import dependencies.

As illustrated in the graphic below, the US relied on imports to meet 90% or more of its primary demand in 2024 for 15 of the critical materials Project Blue covers.

Our experts will continue to examine the details as they are announced - to discuss our views and outlook for more than 30 critical material supply chains, please get in touch.