Glencore to help build US minerals stockpile with $500M EXIM financing

Glencore (LSE: GLEN) will help build a U.S. critical minerals reserve with $500M financing from the Export-Import Bank. The company will source and deliver minerals for U.S. industry, aiming to secure supply chains. Glencore's shares were trading at £5.45, with a market cap of £64.1B.

Glencore pledged $500 million to VaultCo, a US government-backed project for critical minerals. The company is the fourth supplier, joining Hartree Partners, Mercuria Americas, and Traxys. Glencore plans to source cobalt from the Democratic Republic of Congo, bypassing Chinese refining. Project Vault aims to secure US supply chains for critical minerals, with Glencore holding significant cobalt assets.

Nth Cycle, a US-based metals refining company, signed a $1bn, 10-year deal with Glencore to supply lithium and other critical minerals from recycled batteries. Glencore will provide 24,000 tonnes of black mass annually, which Nth Cycle will process into lithium carbonate and nickel-rich products. The contract's value is based on 2026 metal prices. Nth Cycle recently received a $100m US DoE grant and plans to go public, valuing the company at $585m.

Glencore announced a $500 million commitment from the US Export-Import Bank to establish a strategic critical minerals reserve, aiming to bolster US supply chains. The partnership, VaultCo, will focus on sourcing and delivering critical minerals to prevent future supply disruptions, according to the company.

Glencore partners with the US government to build a critical minerals reserve. The US Export-Import Bank (EXIM) committed $500m to the deal, with Glencore sourcing and delivering minerals for VaultCo. Glencore also agreed to sell a 40% stake in its DRC operations to Orion CMC, valued at $9bn. VaultCo aims to secure supplies for US industry, with EXIM and private capital backing.

Nth Cycle signed a 10-year, $1B offtake deal with Glencore to supply 24,000 tonnes/year of processed lithium and nickel materials. The agreement supports Nth Cycle's planned US processing plant, with operations expected to start in 2029. Glencore will explore further collaboration on black mass refining and rare earth/copper recovery. This follows a similar deal with Trafigura in 2026.