Shares of publicly traded U.S. rare earth miners rose on Monday after news of the president’s resignation Donald Trump A comprehensive plan is being developed to build strategic stocks of critical minerals.

The proposal, called Project Vault, would launch the first strategic inventory of critical minerals designed specifically for the U.S. private sector, according to White House officials. The plan combines $1.67 billion in private capital with a $10 billion loan from the U.S. Export-Import Bank, the person said. Trump’s move is aimed at reducing U.S. dependence on China for materials essential for electric vehicles, defense systems and advanced technology.

MP materialShares of the California-based Pass Mountain mine operator soared 6% in early trading on Monday. American Rare Earth and Carey Metal Company Stocks rose 13% and 12%, respectively, as investors bet the move could accelerate domestic demand and government-backed financing for the industry.

Bloomberg News The proposal was first reported earlier Monday.

American Rare Earth has held Discussion with Commerce Secretary Howard Lutnickmarketing its domestic mining and magnet assets to the federal government. Those talks will culminate in a proposed deal that would provide the company with approximately $1.6 billion, subject to certain conditions, including a U.S. government equity stake.

These moves build on the fact that Washington has begun to play a more direct role in this area. Ministry of Defense strikes landmark agreement An agreement was reached with MP Materials last summer that included equity, a floor price and a long-term agreement to purchase specified quantities of rare earth minerals and magnets.

—CNBC’s Spencer Kimball contributed to this report.