Rare Earth Directory

Government support

Project Vault: the $12B US critical minerals stockpile and rare earths

Project Vault is a US critical minerals reserve: an independently run company, VaultCo, that buys and stores minerals in the United States for manufacturers, financed by a loan of up to $10 billion from the Export-Import Bank (EXIM) and private capital. EXIM's board approved the loan on Feb 2, 2026, and the White House describes the whole as a $12 billion initiative.

EXIM's announcements do not list the minerals, and the sources checked report no rare earth purchase yet. On Sept 23, 2026 Glencore and Mercuria were named the first participants, with $500M each reported.

Verified through Oct 1, 2026

How it worksDoes it buy rare earths?

At a glance

What
The U.S. Strategic Critical Minerals Reserve, run by VaultCo LLC
Lender
EXIM: a Direct Loan of up to $10B, approved Feb 2, 2026
Private side
Original equipment manufacturers and private capital providers
Named by EXIM
Clarios, GE Vernova, Western Digital and Boeing, with more indicated; suppliers Hartree Partners, Mercuria and Traxys
Leader
Brett Lambert, Executive Chairman, announced Jul 9, 2026
EXIM loan, up to
$10BBoard-approved Feb 2, 2026
Private capital
~$2B$1.67B at launch in press; "nearly $2B" later
First two suppliers
$1BGlencore and Mercuria, $500M each, Sept 23, 2026
Rare earth purchases reported
NoneIn the sources checked

What is Project Vault?

Project Vault is the U.S. Strategic Critical Minerals Reserve, an independently governed public-private partnership that stores raw materials in facilities across the United States. EXIM approved a Direct Loan of up to $10 billion on Feb 2, 2026 to a partnership of manufacturers and private capital providers.

EXIM says the structure delivers a net positive return for US taxpayers and gives manufacturers stable access to critical raw materials during periods of market disruption. The reserve is meant to support domestic manufacturers during supply shocks, support US production and processing of critical raw materials and strengthen the critical minerals sector.

The $12B figure combines the loan with private capital. The private amount is reported as $1.67B at the Feb 2026 launch and as nearly $2B in later coverage, so the total depends on the source.

How does Project Vault work?

Money comes from an EXIM loan and from manufacturers and private capital providers. VaultCo, an independently run private company, buys minerals from suppliers and stores them in the United States. Press reports say participating manufacturers commit to buy at agreed prices, pay for access and can draw on the reserve in a disruption.

Project Vault as described by EXIM and press coverage

Who pays

  • EXIM A Direct Loan of up to $10B approved on Feb 2, 2026
  • Private capital Manufacturers and capital providers; $1.67B at launch in press, "nearly $2B" in later coverage

The reserve

  • VaultCo An independently governed private company that buys, stores and releases minerals. Brett Lambert is Executive Chairman.

Who supplies and who draws

  • Suppliers Hartree Partners, Mercuria and Traxys at launch; Glencore added on Sept 23, 2026. They source minerals and deliver them into US storage.
  • Manufacturers Named by EXIM: Clarios, GE Vernova, Western Digital and Boeing. Press reports say they buy at set prices, pay upfront fees, can draw in a disruption and replenish at the same price.

EXIM's announcements describe the structure and the participants. The buy-and-repurchase mechanics, the term of the loan (reported as 15 years by Fortune) and the list of minerals are not in them.

Does Project Vault buy rare earths?

EXIM's announcements refer only to critical raw materials and critical minerals and name none. Press coverage lists rare earths among the expected priorities, but the first named commitments, Glencore's and Mercuria's $500M each, are described in Glencore's release only as critical minerals. No rare earth purchase is reported in the sources checked.

One trade report describes Glencore's commitment as cobalt. Glencore's own release does not name the mineral. Executive Order 14415 of Jul 20, 2026 says nothing in it impairs Project Vault or purchases of critical minerals from foreign projects financed by EXIM or the DFC.

For US rare earth producers, the practical question is whether VaultCo buys NdPr, heavy rare earths or magnets from them. Until a purchase is reported, this directory shows Project Vault as a wider program and not as support for any company.

What is the timeline of Project Vault?

Project Vault was announced on Feb 2, 2026 with EXIM's loan approval, named Brett Lambert Executive Chairman of VaultCo on Jul 9, 2026 and named Glencore and Mercuria its first participants on Sept 23, 2026. Deliveries into the reserve have not been dated in the sources checked.

Dated events
  1. Feb 2, 2026 Announced in the Oval Office; EXIM approves the loan Done The EXIM board approves a Direct Loan of up to $10B. EXIM names Clarios, GE Vernova, Western Digital and Boeing as initial participants and Hartree Partners, Mercuria and Traxys as suppliers.
  2. Jul 9, 2026 Brett Lambert named Executive Chairman Done VaultCo LLC announces the appointment. Lambert is a former Deputy Assistant Secretary of Defense for manufacturing and industrial base policy.
  3. Jul 20, 2026 Executive Order 14415 Done Section 6 says nothing in the order impairs Project Vault, and that sales by Project Vault to contractors are not credit sales of a defense article.
  4. Sept 23, 2026 Glencore and Mercuria named first VaultCo participants Done Each commits $500M, according to press reports, with EXIM financing to source, procure and deliver critical minerals into the reserve.
  5. Not dated First deliveries and first rare earth purchase Next Neither is reported in the sources checked.

How is Project Vault different from the National Defense Stockpile?

The National Defense Stockpile is the government's own stockpile for defense needs, run by the Defense Logistics Agency. Project Vault is a privately run company financed by an EXIM loan that stores minerals for commercial manufacturers. USGS lists potential fiscal 2025 stockpile acquisitions of 300 t of NdPr oxide, 450 t of NdFeB magnet block, 60 t of SmCo alloy and 1,100 t of lanthanum.

The two can overlap in what they hold. They differ in who owns the material, who decides when it is released and whose money buys it. The Defense Logistics Agency is also the buyer behind the $300M purchase commitment for Serra Verde material, a separate arrangement.

Is Project Vault counted in the government support tracker?

No. The $12B is not allocated to named rare earth companies, so the tracker shows Project Vault as a wider program and does not add it to company totals. A purchase from a US rare earth producer would appear as a row once it is reported.

Which US projects, companies and states does this touch?

The pages below carry the figures, the sources and the dates for each project or company named here.

Questions about Project Vault

What is Project Vault?

Project Vault is the U.S. Strategic Critical Minerals Reserve: an independently governed public-private partnership, run through VaultCo, that stores raw materials in the United States for manufacturers. EXIM approved up to $10B of financing for it on Feb 2, 2026.

Who funds Project Vault?

EXIM's loan of up to $10B and private capital from manufacturers and capital providers. The private amount is reported as $1.67B at launch and nearly $2B later, which is why the total is described as about $12B.

Who participates in Project Vault?

EXIM names Clarios, GE Vernova, Western Digital and Boeing among manufacturers and Hartree Partners, Mercuria and Traxys as suppliers. Glencore and Mercuria were named the first VaultCo participants on Sept 23, 2026.

Does Project Vault cover rare earths?

EXIM does not list the minerals, and press coverage names rare earths among expected priorities. No rare earth purchase is reported in the sources checked as of Oct 1, 2026.

Who runs Project Vault?

VaultCo LLC, an independently governed private company. Brett Lambert, a former Deputy Assistant Secretary of Defense, is Executive Chairman, announced on Jul 9, 2026.

Is Project Vault the same as the National Defense Stockpile?

No. The National Defense Stockpile is the government's own stockpile run by the Defense Logistics Agency. Project Vault is a privately run reserve financed by an EXIM loan for commercial manufacturers.

Sources and verification

Each profile lists its sources, a confidence grade and a verification date. Order of authority: official records (SEC filings, agency documents), company documents and technical reports, research papers, then independent press. Syndicated copies and reference works are labeled and are never the only source for a number. Company-reported figures are labeled as such, and non-binding deals are labeled "letter of intent" or "conditional".

Tags show what kind of source each link is. How sources are ranked

Policy and funding

Which other policy explainers are there?

Nine explainers cover the foreign controls, defense rules, permitting steps and funding programs behind the projects in this directory.