Mercuria has committed $500 million to Project Vault, a U.S.-backed initiative designed to build strategic inventories of critical minerals and keep supplies available to domestic industry during disruptions or market dislocation. The announcement was made in New York during the United Nations General Assembly summit. Glencore was separately selected by the U.S. government as a founding partner, but the new announcement did not disclose a financial commitment from the mining company. Supported by the U.S. Export-Import Bank, Project Vault combines public financing with private capital and aims through VaultCo to source, procure and deliver around 60 critical minerals while maintaining roughly 60 days of supply for manufacturers. China controls up to 70% of global rare-earth mining, 85% of refining capacity and about 90% of rare-earth metal alloy and magnet production, according to AlixPartners. Some Chinese rare-earth suppliers are declining to ship to the United States because of concerns about repercussions from Beijing, highlighting the supply risks the initiative seeks to address.