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Glencore commits $500 million to Project Vault cobalt stockpile
The Export-Import Bank-backed program includes a $10.0 billion direct loan plus about $2.0 billion in private capital to fund a US critical-minerals supply partnership.
Glencore has committed $500 million to VaultCo, a public-private partnership backed by the US Export-Import Bank that sources critical minerals for a US government stockpile, Oilprice reports, citing Reuters.
The new commitment makes Glencore the fourth supplier named for Project Vault, joining Hartree Partners, Mercuria Americas and Traxys about seven months after the EXIM board approved the program’s underlying loan.
EXIM’s board approved a $10.0 billion direct loan for Project Vault on February 2, 2026, paired with roughly $2.0 billion in private capital for a $12.0 billion total, financing a partnership between original equipment manufacturers and private capital providers.
Oilprice reports that the program is designed to shield US manufacturers from foreign supply chain disruptions across minerals the US Geological Survey designates critical, and that Glencore’s cobalt assets in the Democratic Republic of the Congo are intended to supply material directly into VaultCo to help bypass the Chinese refining capacity that dominates processing.