Mining Technology

Mercuria pledges $500m to Project Vault minerals initiative

The investment was revealed at an event in New York held during the UNGA summit.

Mercuria has pledged $500m (SFr411.76m) to Project Vault, a strategic minerals stockpile initiative designed by the Export-Import Bank of the US (EXIM).

The investment was revealed at an event in New York held during the UN General Assembly (UNGA) summit, as part of wider efforts to reinforce US industrial supply chains.

Project Vault, announced in February and now operating under the name VaultCo, aims to strengthen the resilience of US supply chains by securing inventories of critical minerals within the country.

These minerals are viewed as essential for domestic manufacturing, infrastructure, and energy sectors, particularly to safeguard access during times of market disruption or supply shortages.

Mercuria will act as an anchor partner for VaultCo.

The company plans to contribute its global expertise in trading, logistics and risk management to help maintain stable supplies for US industry.

According to Mercuria, its role in managing supply and logistics across energy and metals markets positions it to support the creation of a flexible supply platform for US industrial users.

Mercuria Americas president Brian Falik said: “Minerals are critical to the modern US economy. With our Project Vault participation, Mercuria is supporting a US Government and EXIM-backed structure that gives US industry greater supply certainty and reduces exposure to global market disruptions.”

Glencore has also been named as a founding partner in VaultCo.

The US Government selected Glencore to source, procure and deliver critical minerals as part of the project.

This partnership leverages EXIM’s financial capacity along with Glencore’s supply expertise to help reduce the US’ exposure to future mineral supply disruptions.

Glencore metals and bulks marketing head Jyothish George said: “VaultCo is an innovative approach to strengthening supply chain resilience. We are pleased to be partnering with the US Export-Import Bank and VaultCo to support critical minerals security and help ensure American industry has access to the materials it needs.”