Glencore joins $12 billion US critical minerals stockpile initiative

Glencore has joined Project Vault, a $12 billion public-private initiative led by the US Export-Import Bank (EXIM) to build a strategic stockpile of critical minerals. The program aims to provide domestic manufacturers with a roughly 60-day buffer of essential materials to insulate them from global supply shocks.

The initiative is funded by a $10 billion direct loan from EXIM paired with approximately $2 billion in private capital. Glencore becomes the fourth major supplier named to the project, joining Hartree Partners, Traxys, and Mercuria Americas. Glencore has specifically committed $500 million to VaultCo, the partnership managing the sourcing, with a focus on cobalt purchases.

By sourcing materials like cobalt—which is vital for lithium-ion batteries—directly from producers in regions such as the Democratic Republic of Congo, the project seeks to bypass Chinese-dominated refining and processing capacities. Participating manufacturers, or offtakers, include Boeing, GE Vernova, Western Digital, and Clarios.