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Glencore will acquire approximately 2,000 metric tons of cobalt valued at nearly $115 million from Rami Weisfisch over 12 months in 2026. The cobalt, essential for defense applications, is expected to be shipped to the U.S. to support its planned stockpile under Project Vault, which is backed by significant funding from the U.S.

Export-Import Bank. The agreement follows a canceled tender by the U.S. Defense Logistics Agency for cobalt purchases, as the U.S. reassesses its strategy. The deal occurs amidst rising cobalt prices due to supply constraints from the Democratic Republic of Congo, the leading producer, which has suspended exports.