TheTechno Optimist.

Project VaultUS Export-Import Bank (EXIM)—Glencore and Mercuria become first VaultCo participants, committing $1B to stock the US minerals reserveProject VaultUS Export-Import Bank (EXIM)—EXIM chief says Project Vault will soon close its first funding trancheProject VaultUS Export-Import Bank (EXIM)—EXIM approves up to $10B loan to launch Project Vault, a US strategic critical minerals reserve

US Export-Import Bank (EXIM)

Export finance, Project Vault minerals reserve

USgovernmentest. 1934exim.gov (opens exim.gov)Checked 11 Oct

The brief

Analyst view
  • Approved a direct loan of up to $10B for Project Vault in February 2026, the largest in its history.
  • Project Vault adds roughly $2B of private capital, for about $12B to stock all 60 minerals on the USGS critical list.
  • Glencore and Mercuria joined as the first VaultCo participants in September 2026, committing $1B together.

Technical approach

As reported
Lending

Long-term state loans, private operator

EXIM lends over a long term (15 years); an independent company, VaultCo, buys and stores the metal. EXIM sits on its board only as an observer.

Demand-led

Manufacturers say what to stock

Carmakers, grid and chip firms commit to specific minerals, grades and volumes, and pay fees, storage and interest. That covers the loan's cost.

Traders

Commodity traders do the buying

Firms like Mercuria, Hartree, Traxys and Glencore source and deliver the metal, using their existing logistics instead of a new government buying office.

Primer