Ivanhoe Mines (TSX: IVN | OTCQX: IVPAF) Executive Co‑Chairman Robert Friedland attended the White House on 2 February for the launch of Project Vault, a US$12B initiative to establish a domestic strategic stockpile of critical minerals in the United States. The programme combines approximately US$1.67B in private capital with a proposed US$10B loan from the Export–Import Bank of the United States to procure and store critical materials for civilian use across U.S. facilities.
Ivanhoe Mines is in advanced discussions with Gécamines, the Democratic Republic of the Congo’s state‑owned mining company, and Mercuria to supply U.S. markets with critical minerals contained in zinc concentrate produced by the Kipushi Mine in the DRC. Under the proposed arrangements, Mercuria’s existing offtake from Kipushi would be assigned to Gécamines’ trading division, with additional volumes anticipated following debottlenecking and ramp‑up of the Kipushi concentrator completed in Q4 2025. Production guidance for 2026 is 240,000–290,000t of zinc concentrate, which also contains germanium and gallium—both considered strategically important for advanced manufacturing and semiconductors.
Kipushi’s 2018 Measured and Indicated Mineral Resources were estimated at 11.78Mt grading 35.34% zinc, 0.80% copper, 23g/t silver, and 64g/t germanium at a 7% zinc cut‑off, containing an estimated 9.2Blb zinc, 8.7Moz silver, and 24.4Moz germanium. While gallium was assayed historically, it was not included in that resource estimate; more recent 2025 concentrate assays reported up to 90g/t germanium and up to 70g/t gallium. Germanium and gallium are used in high‑technology applications including compound semiconductors, optoelectronics, photonics, defence systems, and solar cells.
The Project Vault launch in Washington, D.C. was attended by senior U.S. officials and industry representatives. The initiative is intended to enhance supply chain security, reduce reliance on foreign‑controlled supply chains, and support the domestic industrial base by ensuring steady access to critical inputs for advanced manufacturing.
View the full White House press conference here.
