Mercuria commits $500M to US strategic minerals reserve initiative
The Swiss commodities giant joins Project Vault as an anchor partner, backing a broader $12 billion push to reduce American dependence on Chinese critical minerals.
Mercuria, one of the world’s largest independent commodities trading houses, is putting $500 million behind the US government’s effort to stockpile critical minerals on American soil. The commitment, announced during the United Nations General Assembly in New York, makes the Swiss-based trader an anchor partner in Project Vault, a public-private initiative designed to insulate US industry from supply chain shocks.
Mercuria isn’t arriving alone. Glencore, the Swiss mining behemoth, matched the commitment dollar for dollar with its own $500 million investment on the same day. Both deals are backed by the US Export-Import Bank, which gives Project Vault the kind of institutional credibility that tends to attract even more capital.
What Project Vault actually does
Launched in February 2026, Project Vault is essentially the US government’s answer to a problem it can no longer ignore: China controls up to 70% of global critical minerals mining and roughly 90% of alloy and magnet production. Those minerals end up in everything from electric vehicle batteries to fighter jets to the semiconductors that power data centers.
The initiative represents a broader $12 billion strategy combining government financing with private sector capital. Up to $10 billion could flow through EXIM-backed financing, with an additional $2 billion expected from private sources. Rather than the government simply buying minerals and storing them in warehouses, Project Vault uses a demand-driven model. The goal is to maintain strategic inventories that US manufacturers can actually access during disruptions, while still generating positive returns for taxpayers.
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Why two Swiss traders are betting on American resource independence
Glencore brings mining expertise and direct access to production assets. Mercuria brings trading infrastructure and the kind of logistics network required to actually move physical commodities into strategic positions. Together, they cover most of the value chain that Project Vault needs to function.