Glencore, Mercuria back US minerals reserve

The United States is advancing a new strategic reserve for critical minerals through Project Vault, implemented via VaultCo. Announced on September 23, 2026 in New York during the United Nations General Assembly, the initiative is designed to strengthen U.S. industrial supply chains. It establishes a framework intended to ensure that U.S. manufacturers retain access to key minerals during periods of supply disruption or market dislocation. The reserve will focus on creating strategic inventories and a roughly 60-day buffer of designated critical minerals for U.S. industry.

Project Vault is structured to pair up to $10 billion in financing from the Export-Import Bank of the United States with roughly $2 billion of private capital. This brings the total targeted funding for the program to about $12 billion. VaultCo serves as the vehicle to source, procure and stage these materials on U.S. soil so they can be drawn down when needed. The overall goal is to provide a reliable buffer against volatility and concentration risk in global mineral supply chains.

Mercuria, one of the world’s largest independent integrated energy and commodities groups, announced a $500 million commitment to Project Vault on September 23, 2026. The company stated that this participation will support the strategic minerals reserve initiative aimed at bolstering U.S. industrial resilience. Its funds are intended to contribute to building and managing the stockpile of critical minerals under the VaultCo framework.

Mercuria plans to leverage its global trading, logistics and risk management capabilities within Project Vault. These activities are expected to help ensure critical minerals remain available to U.S. manufacturers during times of supply stress. The firm highlighted that minerals are essential to the modern U.S. economy and framed its involvement as backing a U.S. government and Export-Import Bank supported structure that provides greater supply certainty. This commitment positions Mercuria as a significant private-sector participant in the new reserve.

Glencore has joined Project Vault as a founding supplier of critical minerals to the U.S. strategic reserve. On September 23, 2026, it was announced that the Export-Import Bank of the United States made a $500 million commitment to support Glencore’s role in the initiative. This support covers sourcing, procurement, and delivery of critical minerals into the VaultCo-managed reserve.

Glencore’s participation links a major global producer and trader of commodities directly to the U.S. stockpile effort. With EXIM financing backing its activities, Glencore is positioned to supply and move critical minerals required by U.S. manufacturers. Together with Mercuria’s commitment and the broader EXIM and private capital structure, this forms a public-private program aimed at providing more secure access to key inputs for U.S. industrial production.

By combining sizeable public financing with substantial private capital and trading expertise, Project Vault seeks to reduce the impact of global market disruptions on U.S. manufacturers. The creation of strategic inventories and a 60-day buffer is intended to provide time and flexibility when supply chains come under stress. With VaultCo coordinating sourcing and storage on U.S. soil, the initiative aims to ensure that critical minerals remain accessible when external conditions become volatile.

The commitments from Mercuria and Glencore, along with the Export-Import Bank’s financial backing, indicate early scale and operational capacity for the project. As the program deploys up to $10 billion in EXIM financing alongside roughly $2 billion in private capital, it is positioned as a significant tool for managing critical mineral availability. The structure reflects an emphasis on collaboration between government-backed finance and major commodities firms to support U.S. industrial continuity.