EXIM chief says Project Vault will soon close its first funding tranche

US Export-Import Bank (EXIM)/Project Vault

EXIM president John Jovanovic said Project Vault was close to its first funding tranche and was designed to solve market problems, not just hold metal. Material can leave the reserve for processing and come back refined.

• Aims to fix a lack of capital and of large, creditworthy buyers in mineral markets.
• More suppliers had signed up since February, he said.
• Warned the US may not have enough bonded warehouses and storage.