Governments are rushing to hoard metals as the 'resource nationalism' era arrives

Group 1: Project Vault and Strategic Initiatives - The U.S. has introduced Project Vault, a strategic mineral reserve initiative with an investment of approximately $12 billion aimed at enhancing supply-chain resilience for critical minerals essential for electrification, defense, and advanced manufacturing [2][3] - Project Vault complements other initiatives like the Forum on Resource Geostrategic Engagement (FORGE) and Pax Silica, which focus on critical mineral policy and safeguarding the AI-related supply chain [1] Group 2: Global Trends in Critical Minerals Stockpiling - A global race to secure critical minerals is emerging, with countries like Australia announcing an $800 million strategic critical minerals reserve focusing on antimony, gallium, and rare earth elements [4] - The European Union is advancing plans for a joint reserve of critical raw materials under its RESourceEU strategy, with Italy, France, and Germany expected to lead this effort [5] - India and Brazil have agreed to enhance cooperation on critical minerals, aiming to diversify supply sources and reduce reliance on China, thereby strengthening bilateral trade and supply chains for clean energy and defense [6] Group 3: National Strategies and Resource Nationalism - South Korea has implemented a comprehensive critical minerals strategy with about $172 million in state support, focusing on expanding stockpile volumes and infrastructure [7] - Analysts note a structural shift in commodity policy towards 'resource nationalism,' with countries increasingly viewing metal supply chains as fragile due to years of underinvestment and geographic concentration [8] - The trend of strategic stockpiling is characterized as 'resource nationalism,' with countries aiming to catch up to China's long-standing practices of building strategic stockpiles [9][10]