According to Mining.com, Swiss mining and commodities trading company Glencore and Mercuria will help the United States establish a strategic stockpile of critical minerals after securing a $500 million financing commitment from the U.S. Export-Import Bank (EXIM).
Through VaultCo, a public-private partnership established by the two global commodities companies and the U.S. government, Glencore and Mercuria will provide U.S. industry with sourcing, procurement and delivery of critical minerals and base metals. The arrangement is aligned with EXIM’s financing support for the companies’ global mining and trading supply networks.
“Mineral security is national security,” said Brett B. Lambert, CEO of VaultCo. The stockpile is designed to ensure that manufacturers can access materials during supply-chain disruptions.
Jyothish George, Glencore’s head of metals and commodities, added that the company’s role is supported by its extensive experience connecting global producers with industrial customers.
“Minerals are essential to the modern U.S. economy,” said Brian A. Falik, president of Mercuria America, in a separate statement. “Through its participation in Project Vault, Mercuria is supporting the U.S. government and EXIM in building systems that strengthen the security of U.S. industrial supply chains.”
VaultCo was established to implement Project Vault, a separately governed public-private partnership announced by EXIM in February. The bank approved up to $10 billion in direct lending for the program, which is intended to stockpile raw materials at facilities across the United States.
Project Vault already includes Hartree Partners, Mercuria America and Traxys, while the addition of Glencore brings another major global commodities player into the initiative.
EXIM said the program is designed to help domestic manufacturers cope with supply shortages while supporting U.S. production and processing capacity.
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