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Mid-Nickel",103.5,99.73,3.78,13.78,6.78,[518,519,520,522,524,526,528,530,532,534,536,538],{"date":213,"value":512},{"date":216,"value":513},{"date":219,"value":521},99.19,{"date":222,"value":523},96.02,{"date":225,"value":525},98.23,{"date":467,"value":527},99.24,{"date":329,"value":529},101.29,{"date":339,"value":531},87.61,{"date":341,"value":533},92.44,{"date":344,"value":535},90.96,{"date":347,"value":537},92.24,{"date":350,"value":539},95.09,{"id":541,"uuid":542,"name":543,"slug":544,"full_slug":545,"content":546,"relatedArticles":873,"relatedVideos":874},143467791599991,"feaae01d-533b-45b9-8ad8-39aab491e0f0","How much would 60 days’ of US battery minerals cost in 2026?","how-much-would-60-days-of-us-battery-minerals-cost-in-2026-","article/how-much-would-60-days-of-us-battery-minerals-cost-in-2026-",{"_uid":547,"date":548,"tags":549,"editor":562,"content":572,"excerpt":821,"featured":51,"reporter":822,"component":833,"seo_title":543,"categories":834,"visibility":863,"author_company":643,"data_vis_image":864,"featured_image":866,"seo_description":870,"author_full_name":643,"author_job_title":643,"formattedDate":871,"formattedArticleDate":872},"d9f59f49-a185-4751-a1fc-00b4cae71917","2026-02-10 00:00",[550,553,556,559],{"slug":551,"name":552},"usa","USA",{"slug":554,"name":555},"data-visualisation","Data Visualisation",{"slug":557,"name":558},"north-america","North America",{"slug":560,"name":561},"president-trump","President Trump",[563],{"slug":564,"name":565,"content":566},"matthew-bird","Matthew Bird",{"job_title":567,"image":568,"bio":570,"linkedin":571},"Senior Editor - Supply Chains & Data Visualisation",{"filename":569},"https://a.storyblok.com/f/287943243085208/512x512/14738033ec/matthew-bird.jpeg","Matthew writes, edits and produces content for Benchmark Intelligence and Benchmark Source across the whole mine to grid supply chain. He also acts as a liaison to the press. He has a PhD in electrochemistry from the University of Nottingham.","https://www.linkedin.com/in/birdmatthew/",{"type":573,"content":574},"doc",[575,604,612,634,651,659,667,693,701,737,745,753,775,783,791,800,802,817],{"type":576,"attrs":577,"content":578},"paragraph",{"textAlign":49},[579,587,599],{"text":580,"type":581,"marks":582},"The ","text",[583],{"type":584,"attrs":585},"textStyle",{"color":586},"#000000",{"text":588,"type":581,"marks":589},"Trump Administration’s",[590,597],{"type":591,"attrs":592},"link",{"href":593,"uuid":594,"anchor":49,"target":595,"linktype":596},"/article/trump-executive-order-to-accelerate-us-critical-mineral-push","4c982897-6a41-4f57-acd3-dc3a31e3beb5","_self","story",{"type":584,"attrs":598},{"color":586},{"text":600,"type":581,"marks":601}," Project Vault aims to create a strategic reserve of critical minerals, funded by $1.67bn in private capital and a $10bn loan from the US Export-Import Bank.",[602],{"type":584,"attrs":603},{"color":586},{"type":576,"attrs":605,"content":606},{"textAlign":49},[607],{"text":608,"type":581,"marks":609},"Full details of the reserve have yet to be announced, though the aim is reportedly to build up strategic stocks equivalent to 60 days of demand of selected minerals to protect industries such as automotive and renewable energy against future critical mineral supply shocks and price swings.",[610],{"type":584,"attrs":611},{"color":586},{"type":576,"attrs":613,"content":614},{"textAlign":49},[615,620,629],{"text":616,"type":581,"marks":617},"At ",[618],{"type":584,"attrs":619},{"color":586},{"text":621,"type":581,"marks":622},"today’s prices",[623,627],{"type":591,"attrs":624},{"href":625,"uuid":626,"anchor":49,"target":595,"linktype":596},"/article/automaker-exposure-to-lithium-prices-highlights-need-for-hedging","3c5b6177-fc1a-4177-9e1d-3c8e4bb0b052",{"type":584,"attrs":628},{"color":586},{"text":630,"type":581,"marks":631}," and based on 2026 demand, this would cost $991 million for key battery minerals (lithium, cobalt, nickel, manganese, graphite and coke), with lithium being the largest contributor.",[632],{"type":584,"attrs":633},{"color":586},{"type":635,"attrs":636,"content":638},"heading",{"level":637,"textAlign":49},2,[639,646],{"type":640,"attrs":641},"image",{"id":642,"alt":643,"src":644,"title":643,"source":643,"copyright":643,"meta_data":645},143468612214513,"","https://a.storyblok.com/f/287943243085208/5067x5592/3289156235/60-day-stockpile-infographic-v2.jpg",{},{"text":647,"type":581,"marks":648},"What is Project Vault?",[649],{"type":584,"attrs":650},{"color":586},{"type":576,"attrs":652,"content":653},{"textAlign":49},[654],{"text":655,"type":581,"marks":656},"Project Vault will act as a strategic stockpile. These usually address a specific problem: short-term supply availability during an emergency. In this case, Project Vault intends to absorb sudden supply disruptions by releasing physical material and to provide confidence to key domestic industries that some emergency supply is available within US borders if needed. The initiative echoes the model of the 50-year-old US Strategic Petroleum Reserve, established in the aftermath of the 1973 Arab oil embargo and today holding hundreds of millions of barrels of crude oil in the US.",[657],{"type":584,"attrs":658},{"color":586},{"type":576,"attrs":660,"content":661},{"textAlign":49},[662],{"text":663,"type":581,"marks":664},"Commodities trading houses, including Hartree Partners, Mercuria, and Traxys, have agreed to procure minerals for the stockpiles. More than a dozen downstream companies have also committed to participate, including General Motors, Stellantis, Boeing, Google, and GE Vernova. In effect, Project Vault serves as an option-like buffer, as participating companies pay a fee to secure the right to draw from the stockpile in defined emergencies when they are unable to source material from regular markets.",[665],{"type":584,"attrs":666},{"color":586},{"type":576,"attrs":668,"content":669},{"textAlign":49},[670,677,687],{"text":671,"type":581,"marks":672},"Benchmark Intelligence subscribers can access exclusive policy analysis in the ",[673,675],{"type":584,"attrs":674},{"color":586},{"type":676},"italic",{"text":678,"type":581,"marks":679},"Geo-Economic and Policy Briefing",[680,684,686],{"type":591,"attrs":681},{"href":682,"uuid":683,"anchor":49,"target":595,"linktype":596},"/publications/briefings/geo-economic-and-policy-briefings/geo-economic-and-policy-briefing-edition-1-2026","ce29258c-984f-40e2-8a4c-e4eabcf2debf",{"type":584,"attrs":685},{"color":586},{"type":676},{"text":688,"type":581,"marks":689},".",[690,692],{"type":584,"attrs":691},{"color":586},{"type":676},{"type":635,"attrs":694,"content":695},{"level":637,"textAlign":49},[696],{"text":697,"type":581,"marks":698},"How much would other minerals cost?",[699],{"type":584,"attrs":700},{"color":586},{"type":576,"attrs":702,"content":703},{"textAlign":49},[704,709,718,723,732],{"text":705,"type":581,"marks":706},"Beyond battery minerals, Benchmark calculates that 60 days’ worth of ",[707],{"type":584,"attrs":708},{"color":586},{"text":710,"type":581,"marks":711},"US refined copper demand",[712,716],{"type":591,"attrs":713},{"href":714,"uuid":715,"anchor":49,"target":595,"linktype":596},"/article/lme-cme-arbitrage-continues-to-be-broad-on-forward-curve","25c8095d-21e1-47f0-97e4-95ba863678ec",{"type":584,"attrs":717},{"color":586},{"text":719,"type":581,"marks":720}," in 2026 at current prices would add $3.7bn to the bill. Demand for ",[721],{"type":584,"attrs":722},{"color":586},{"text":724,"type":581,"marks":725},"rare earths",[726,730],{"type":591,"attrs":727},{"href":728,"uuid":729,"anchor":49,"target":595,"linktype":596},"/article/geopolitics-to-drive-rare-earth-supply-diversification","5136172b-ff3e-4bc9-9226-8a5a9c97b2cb",{"type":584,"attrs":731},{"color":586},{"text":733,"type":581,"marks":734}," for use in rare earth permanent magnets (REPMs) would cost another $235mn.",[735],{"type":584,"attrs":736},{"color":586},{"type":576,"attrs":738,"content":739},{"textAlign":49},[740],{"text":741,"type":581,"marks":742},"In all, the US has 60 minerals on its critical mineral list. As yet, it is unclear whether Project Vault would seek to build a stockpile of all of these minerals, nor whether 60 days would be the target stock level for all the minerals held.",[743],{"type":584,"attrs":744},{"color":586},{"type":635,"attrs":746,"content":747},{"level":637,"textAlign":49},[748],{"text":749,"type":581,"marks":750},"What are the limitations of strategic reserves?",[751],{"type":584,"attrs":752},{"color":586},{"type":576,"attrs":754,"content":755},{"textAlign":49},[756,761,770],{"text":757,"type":581,"marks":758},"A US strategic reserve does not tackle the underlying issue of upstream ",[759],{"type":584,"attrs":760},{"color":586},{"text":762,"type":581,"marks":763},"supply concentration",[764,768],{"type":591,"attrs":765},{"href":766,"uuid":767,"anchor":49,"target":595,"linktype":596},"/publications/briefings/china-briefings/benchmark-china-briefing-february-2026","f8f24e8a-d6d8-42ce-b17e-36481655661c",{"type":584,"attrs":769},{"color":586},{"text":771,"type":581,"marks":772},". Policy measures to derisk domestic and other ex-China projects and improve bankability are required, in addition to building reserves.",[773],{"type":584,"attrs":774},{"color":586},{"type":576,"attrs":776,"content":777},{"textAlign":49},[778],{"text":779,"type":581,"marks":780},"Project Vault should be considered as just one tool that can be deployed alongside others such as export restrictions, tariffs, local content requirements, upstream funding, equity investments, and government-backed offtake agreements.",[781],{"type":584,"attrs":782},{"color":586},{"type":576,"attrs":784,"content":785},{"textAlign":49},[786],{"text":787,"type":581,"marks":788},"Sources have told Benchmark that without clear guidance and transparent sourcing, there is the risk that the US reserve may itself be dependent on Chinese supplies for minerals such as rare earths, given China’s dominance in those markets.",[789],{"type":584,"attrs":790},{"color":586},{"type":576,"attrs":792,"content":793},{"textAlign":49},[794,796],{"type":795},"hard_break",{"text":797,"type":581,"marks":798},"The insights in this article were produced using data from Benchmark's Price Assessments and Forecasts. For more information, get in touch with the form below:",[799],{"type":676},{"type":576,"attrs":801},{"textAlign":49},{"type":803,"attrs":804},"blok",{"id":805,"body":806},"cbde0f77-60d6-4cd4-889c-7c953f459358",[807],{"id":808,"_uid":809,"component":810,"wrap_in_box":50,"redirect_url":811,"success_file":813,"default_height":643,"success_message":643,"v2_hubspot_form":50,"success_sub_text":643,"hidden_field_values":816,"show_on_intelligence":50},"57a99950-73f5-48be-98a4-7324c28e5d0b","i-4fbce6da-0576-4b0f-acfa-59f42c56c8ea","ContentHubspotForm",{"id":643,"url":643,"linktype":596,"fieldtype":812,"cached_url":643},"multilink",{"id":49,"alt":49,"name":643,"focus":49,"title":49,"source":49,"filename":643,"copyright":49,"fieldtype":814,"meta_data":815},"asset",{},[],{"type":576,"attrs":818,"content":819},{"textAlign":49},[820],{"type":795},"The Trump Administration’s Project Vault aims to create a strategic reserve of critical minerals, funded by $1.67bn in private capital and a $10bn loan from the US Export-Import Bank.\n\nFull details of the reserve have yet to be announced, though the aim is reportedly to build up strategic stocks equivalent to 60 days of demand of selected minerals to protect industries such as automotive and renewable energy against future critical mineral supply shocks and price swings.\n\nAt today’s prices and based on 2026 demand, this would cost $991 million for key battery minerals (lithium, cobalt, nickel, manganese, graphite and coke), with lithium being the largest contributor.",[823],{"slug":824,"name":825,"content":826},"bryan-bille","Bryan Bille",{"job_title":827,"image":828,"bio":830,"linkedin":831,"markets_covered":832},"Lead Analyst - Government Policy",{"filename":829},"https://a.storyblok.com/f/287943243085208/512x512/1491bc3cc9/bryan-bille.jpeg","Bryan has more than 8 years of policy and geopolitical experience covering numerous areas, such as international trade, industrial policy, critical minerals, battery and EV supply chains and the broader energy transition. Bryan currently oversees Benchmark Mineral Intelligence’s policy and geopolitical coverage and leads Benchmark’s strategic outreach to policymakers. Before joining Benchmark, Bryan obtained a degree in corporate law from the University of Antwerp and an international political economy degree from King’s College London. He also held various positions within the Belgian diplomatic corps and politics, where he was involved in multiple policy issues and international negotiations at the EU level. ","https://www.linkedin.com/in/bryanbille/","Critical Mineral, Battery and EV Supply ","article",[835,838,841,843,846,849,851,854,856,858,860],{"slug":836,"name":837},"geopolitics","Geopolitics",{"slug":839,"name":840},"critical-minerals","Critical Minerals",{"slug":842,"name":115},"cobalt",{"slug":844,"name":845},"copper","Copper",{"slug":847,"name":848},"graphite","Graphite",{"slug":850,"name":8},"lithium",{"slug":852,"name":853},"manganese","Manganese",{"slug":855,"name":189},"natural-graphite",{"slug":857,"name":150},"nickel",{"slug":859,"name":414},"rare-earths",{"slug":861,"name":862},"synthetic-graphite","Synthetic Graphite","public",{"id":642,"alt":643,"name":643,"focus":643,"title":643,"source":643,"filename":644,"copyright":643,"fieldtype":814,"meta_data":865,"is_external_url":50},{},{"id":867,"alt":643,"name":643,"focus":643,"title":643,"source":643,"filename":868,"copyright":643,"fieldtype":814,"meta_data":869,"is_external_url":50},129073182050001,"https://a.storyblok.com/f/287943243085208/6e42e2c186/bm-the-white-house.jpg",{},"The Trump Administration’s Project Vault aims to create a strategic reserve of critical minerals. At today’s prices and based on 2026 demand, 60 days of battery minerals would cost $991 million with lithium being the largest contributor.","Feb 10, 2026","10th February 2026",[],[],{"id":876,"uuid":877,"name":878,"slug":879,"full_slug":879,"content":880,"relatedArticles":884,"relatedVideos":885},120886048076734,"4b6fbcc0-7881-4fbb-92ee-06d1ed3f3cec","⚙️ Settings","settings",{"_uid":881,"component":879,"black_listed_email_domains":882,"_editable":883,"formattedDate":643,"formattedArticleDate":643},"8dcafbcc-28de-4388-a68e-6b41e24f31bb","direkt.se\nstreetwisereports.com\nalpha-sense.com\nafrica-energy.com\ntcs.com\nmm-markets.com\nsmr-premium.com\nsci99.com\nlondoncib.com\nyeb.com.br\nnewautomotive.org\nsina.com.cn\ngwstrategies.net\noliverwyman.com\ndazeinfo.com\ndataintelo.com\ninfyos.com\nevalueserve.com\ninsightwoo.com\ncrescendoanalytic.com\nipaglobal.com\nweare121.com\nzemek.com\nryancommodityinsights.com\nonyxsi.com\ncostmine.com\nnickhatchmining.com\naethoslabs.com\nmysteel.com\nbuzblox.com\nfutureproofconsulting.com.au\ncmgroup.net\noptelgroup.com\nberylls.com\nreputex.com\nnumber-three.net\nrobertdallison.com\nwsp.com\nafriforesight.com\npaydirt.com.au\nmetal.com\ninforma.com\nfelixstrategy.com\ncrisil.com\nantaike.com\nbatterymaterialsreview.com\nsrk.com\nglobaltrustgrp.com\nnapiermeridian.com\nprojectblue.com\nplutonic-rma.com\nrosaearth.io\ndrivesustainability.org\nminehub.com\nscsglobalservices.com\nLynxglobalintelligence.com\nsphera.com\nminespider.com\nc-resource.com\ntdi-sustainability.com\nkumi.consulting\nsc-insights.com\nkallanish.com\naboutenergy.co.uk\nenant.io\nopisnet.com\nacuitycommodities.com\nevinfocus.com\nsfa-oxford.com\ncrugroup.com\nwoodmac.com\nspglobal.com\nrolandberger.com\nrcsglobal.com\nnornik.ru\nlivista.energy\nihsmarkit.com\ncapitalightresearch.com\namegroup.com\ncapitalight.co\nsustainablelabs.io\ncommoditiesanalysis.co.uk\navicenne.com\nkearney.com\nnornickel.net\n5napier.com\nvoltility.net\ngf.com.cn\nhindenburgresearch.com\ndigbee.com\nadamasintel.com\nac-harvard.com\nsneresearch.com\ninventusbioenergy.com\nproactiveinvestors.com\nauroraer.com\nresourceworld.com\nbatteryline.com\norennia.com\nfastmarkets.com\nmsci.com\nbcg.com\nklinegroup.com\ndelta-ee.com\nskarnassociates.com\nricardo.com\ncleanhorizon.com\np3-group.com\naccenture.com\nporsche-consulting.com\numlaut.com\nadi-analytics.com\ncpmgroup.com\nilimarkets.com\nminviro.com\nmckinsey.com\ncicenergigune.com\ne4tech.com\nargusmedia.com\ndolbear.com\nerm.com\nlithium.org\nradiusq.com\ndigivla.com\njeri.co.jp\ntopology.com.tw\nsaurenergy.com\novaladvisory.com\ngsixenergy.com","\u003C!--#storyblok#{\"name\": \"settings\", \"space\": \"287943243085208\", \"uid\": \"8dcafbcc-28de-4388-a68e-6b41e24f31bb\", \"id\": \"120886048076734\"}-->",[],[],1781273946242]