Glencore Joins Project Vault With $500 Million Cobalt Commitment

Glencore committed $500 million to VaultCo, the Export-Import Bank public-private partnership sourcing critical minerals for a US government stockpile, Reuters reported Wednesday. The commitment makes Glencore the fourth supplier named to Project Vault, joining Hartree Partners, Mercuria Americas and Traxys seven months after EXIM’s board approved the program’s underlying loan.

EXIM’s board approved a $10-billion direct loan for Project Vault on February 2, 2026, paired with roughly $2 billion in private capital for a $12-billion total that finances a partnership between original equipment manufacturers and private capital providers. The original roster named Clarios, GE Vernova, Western Digital and Boeing as offtakers and Hartree Partners, Mercuria Americas and Traxys as suppliers.

Glencore told investors during its February 2026 earnings call it planned cobalt purchases tailored to fulfilling commitments to the US stockpile, months before VaultCo’s structure took it on as a fourth supplier.

Glencore holds major cobalt assets in the Democratic Republic of Congo, which produces most of the world’s mined cobalt. Delivering material directly into VaultCo lets Glencore bypass the Chinese refining capacity that dominates the processing side of that supply chain.

Project Vault’s stated purpose is shielding U.S. manufacturers from foreign supply chain disruptions across every mineral the US Geological Survey designates critical.

So far, none of the direct-sourcing efforts meant to route DRC cobalt to the U.S. without Chinese refining has moved past setting targets. EGC-EVelution Energy is targeting up to 40% of US cobalt demand with a 1,775-tonne 2026 quota. Virtus Minerals is acquiring Chemaf SA, aimed at roughly 20,000 tonnes of annual capacity. Orion Critical Minerals is pursuing a 40% stake alongside Glencore.

By Charles Kennedy for Oilprice.com

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