Glencore selected as cornerstone partner in new US-backed strategic mineral reserve fund
London-listed miner Glencore has been selected by the US government to be a founding partner in the launch of VaultCo – a strategic critical minerals reserve designed to strengthen US critical mineral supply chains.
Through VaultCo’s innovative public-private partnership model, financing provided by the Export-Import Bank of the United States (EXIM) will enable Glencore to source, procure and deliver critical minerals for VaultCo and help build strategic inventories that support American industry.
EXIM has committed $500-million in funding to VaultCo.
Glencore explains that the initiative aims to build more resilient critical minerals supply chains and reduce vulnerability to future supply disruptions for the US by combining EXIM’s financing capacity with Glencore’s ability to supply critical minerals and base metals.
“Mineral security is national security. VaultCo is working to ensure the US industrial base has access to the critical minerals needed to build the products everyday Americans rely on,” says VaultCo executive chairperson Brett Lambert.
"VaultCo is an innovative approach to strengthening supply chain resilience. We are pleased to be partnering with EXIM and VaultCo to support critical minerals security and help ensure American industry has access to the materials it needs.
“Glencore's participation in this initiative reflects our longstanding role connecting global production with industrial consumers and our commitment to supporting resilient and diversified supply chains for critical minerals,” adds Glencore metals and bulk commodities marketing head Jyothish George.
