Glencore Secures Spot in U.S. Cobalt Stockpile Project

The Export-Import Bank launched the $12-billion Project Vault program in February 2026, combining a $10-billion federal loan with private capital to insulate American manufacturers from foreign supply chain volatility. Glencore, which signaled its intent to prioritize U.S. stockpile commitments during its February earnings call, intends to leverage its extensive assets in the Democratic Republic of Congo. This direct supply route provides a strategic bypass of the Chinese refining infrastructure that currently dominates the global cobalt market.

While the project aims to secure a stable supply of minerals designated as critical by the U.S. Geological Survey, the broader industry faces significant hurdles in implementation. Current efforts to route Congolese cobalt into the U.S. without passing through Chinese processors remain largely in the target-setting phase. Other market players, including EGC-EVelution Energy and Virtus Minerals, have announced ambitious production quotas and acquisition strategies to capture domestic demand, yet the transition from operational planning to physical delivery remains the defining challenge for all participants involved in the VaultCo initiative.