Glencore Joins Project Vault With $500 Million Cobalt Commitment

Glencore has pledged $500 million to VaultCo, the Export-Import Bank-backed public-private partnership created to source critical minerals for a U.S. government stockpile. The mining company becomes the fourth named supplier in Project Vault, joining Hartree Partners, Mercuria Americas and Traxys, after EXIM's board authorized the program's loan in February 2026.

By AI Newsroom· Reviewed by Pranav, Founder & Editor-in-ChiefPublished about 1 hour agoUpdated about 1 hour ago0 views

Why It Matters

Project Vault is designed to reduce U.S. manufacturers' exposure to foreign supply chain disruptions for minerals the U.S. Geological Survey deems critical, and Glencore's commitment links major DRC cobalt production directly to that effort. If implemented, such direct-sourcing could bypass dominant Chinese refining capacity in the cobalt supply chain.

Key Facts

Glencore commitment: $500 million to VaultCo
Project Vault suppliers (named): Hartree Partners, Mercuria Americas, Traxys, Glencore
EXIM board approval: Feb. 2, 2026
EXIM financing package: $10 billion direct loan paired with roughly $2 billion private capital for a $12 billion total
Originally named offtakers: Clarios, GE Vernova, Western Digital, Boeing

Glencore has pledged $500 million to VaultCo, the public-private vehicle created under Project Vault to assemble critical minerals for a U.S. government stockpile, Reuters reported. That commitment makes Glencore the fourth supplier publicly associated with the program, joining Hartree Partners, Mercuria Americas and Traxys. EXIM's board approved the underlying $10 billion direct loan for Project Vault on Feb. 2, 2026, which was coupled with roughly $2 billion in private capital to form a $12 billion financing package.

The partnership structure pairs original equipment manufacturers with private capital providers; the original roster of offtakers includes Clarios, GE Vernova, Western Digital and Boeing. Glencore indicated during its February 2026 earnings call that it intended to buy cobalt with the aim of meeting commitments to the U.S. stockpile, a plan that preceded its formal naming as a VaultCo supplier.

Glencore controls significant cobalt assets in the Democratic Republic of Congo, the source of most mined cobalt worldwide. Delivering material directly into VaultCo would allow the company to route supply toward U.S. stockpiling goals while avoiding the Chinese refining capacity that currently dominates cobalt processing.

Project Vault is framed as an effort to shield U.S. manufacturers from disruptions across all minerals the U.S. Geological Survey designates as critical. However, the report notes that other attempts to source DRC cobalt directly to U.S. users without relying on Chinese refiners have so far remained at the target-setting stage. Examples cited include EGC-EVelution Energy's target of up to 40% of U.S. cobalt demand via a 1,775-tonne 2026 quota, Virtus Minerals' acquisition of Chemaf SA aimed at about 20,000 tonnes of annual capacity, and Orion Critical Minerals' pursuit of a 40% stake alongside Glencore.