Key facts
- Glencore committed $500 million to Project Vault, a US government initiative.
- Project Vault is a public-private partnership sourcing critical minerals for a US stockpile.
- Glencore's commitment makes it the fourth supplier to Project Vault.
- The Export-Import Bank approved a $10 billion direct loan for Project Vault on February 2, 2026.
- Glencore holds major cobalt assets in the Democratic Republic of Congo.
Glencore has committed $500 million to Project Vault, a public-private partnership established by the US Export-Import Bank (EXIM) to source critical minerals for a US government stockpile. This commitment positions Glencore as the fourth supplier to the initiative, joining Hartree Partners, Mercuria Americas, and Traxys.
EXIM's board approved a $10 billion direct loan for Project Vault on February 2, 2026, supplemented by approximately $2 billion in private capital, totaling $12 billion. This financing supports a partnership between original equipment manufacturers (OEMs) and private capital providers. Initially, Clarios, GE Vernova, Western Digital, and Boeing were named as offtakers, with Hartree Partners, Mercuria Americas, and Traxys as suppliers.
Glencore had previously indicated plans for cobalt purchases to fulfill US stockpile commitments during its February 2026 earnings call. The company's significant cobalt assets in the Democratic Republic of Congo, the world's largest producer of mined cobalt, allow it to bypass Chinese refining capacity, which currently dominates the processing sector. Project Vault aims to insulate US manufacturers from foreign supply chain disruptions for all minerals designated as critical by the US Geological Survey.
Despite these efforts, direct-sourcing initiatives for DRC cobalt to the US without Chinese refining have yet to move beyond target setting. EGC-EVelution Energy aims for 40% of US cobalt demand with a 1,775-tonne quota for 2026. Virtus Minerals is in the process of acquiring Chemaf SA, targeting approximately 20,000 tonnes of annual capacity, and Orion Critical Minerals is seeking a 40% stake in a venture alongside Glencore.