Project Vault Moves from Concept to Execution
On September 23, Glencore and Mercuria became the first two participants in VaultCo, the private company implementing Project Vault. The two commodity traders committed $1 billion to procure and stockpile critical minerals, with financing from EXIM. The announcement represents a transition from designing the financial architecture of Project Vault to building its physical supply architecture.
Why it matters: This advances the critical minerals theme by testing whether government financing can leverage private trading networks to build an operational reserve.