Glencore joins US Export-Import Bank’s $12 billion critical minerals stockpile initiative

The US is building a strategic stockpile of critical minerals designed to insulate domestic manufacturers from supply shocks. Project Vault, announced on February 2, 2026, pairs up to $10B in financing from the US Export-Import Bank with roughly $2B in private capital, creating an approximately $12B war chest to procure and store around 60 critical minerals. Glencore, the Swiss-headquartered commodities giant, is one of several major trading firms tapped to source materials for the reserve. What Project Vault actually does The EXIM loan backing the project is the largest in the bank’s entire history. The target is a roughly 60-day buffer supply of critical minerals for domestic manufacturers. Glencore is working alongside Hartree Partners, Traxys, and Mercuria Americas on the sourcing side. On the demand side, the initiative counts major OEMs including Clarios, GE Vernova, Western Digital, and Boeing as participants. During Glencore’s February 2026 earnings commentary, the company highlighted planned deals including cobalt purchases tailored toward fulfilling commitments to the US stockpile. Cobalt is essential for lithium-ion batteries, and the Democratic Republic of Congo dominat...