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Glencore to supply US critical minerals reserve after $500M EXIM funding
The financing commitment comes through VaultCo, a public-private partnership tied to Project Vault, which EXIM is backing with a broader plan that includes storing raw materials at facilities across the US.
Glencore will help build a US critical minerals reserve after the Export-Import Bank of the United States approved a $500 million commitment tied to VaultCo, the company said, using its supply network to source, procure, and deliver critical minerals and base metals for US industry.
VaultCo is the public-private partnership between Glencore and EXIM established to carry out Project Vault, which EXIM announced in February as an independently governed initiative. Glencore’s role is intended to give manufacturers access to materials during supply chain disruptions, supporting domestic production and processing.
EXIM said the reserve is designed to help domestic manufacturers withstand shortages while also backing US production and processing. The broader initiative includes EXIM approval of a direct loan of up to $10 billion, with plans to store raw materials at facilities across the US.
Glencore’s participation adds another supplier to an effort already involving traders Hartree Partners, Mercuria Americas, and Traxys. Glencore also noted its VaultCo involvement draws on its experience connecting producers with industrial customers worldwide.