by US Export-Import Bank (EXIM)US
Keep US factories running through mineral supply shocks, such as Chinese export bans, and give US and allied mines and refiners steady buyers.
VaultCo set up; Glencore and Mercuria committed $1B in Sep 2026 to buy and stock minerals.
Updated 18d agoChecked 11 Oct0 updates this week
A manufacturer commits to set minerals, grades and volumes, and pays an upfront fee (like insurance), storage and the loan's interest.
Commodity traders buy the specified minerals, rare earths first, and deliver them to warehouses across the US, financed by the EXIM loan.
In normal years members may take some metal out but must replace it. In a severe disruption they get the stock, keeping lines running.
Raw material can leave the reserve for a refinery and return as refined product, aiming to support US processing too.
| Spec | Project Vault |
|---|---|
| EXIM direct loan | Up to $10BR (reported) |
| Private capital | ~$2B ($1.67B initially)R (reported) |
| Loan term | 15 yearsR (reported) |
| Minerals covered | All 60 on USGS 2025 listR (reported) |
| Glencore + Mercuria commitment | $1BR (reported) |
R reported by the company
US Export-Import Bank (EXIM)
Export finance, Project Vault minerals reserve
EXIM is the US government's export credit agency, set up in 1934 and based in Washington, DC. Beyond export loans it now finances critical-mineral supply chains, above all Project Vault, a reserve of strategic minerals for US manufacturers.
