Strategic Materials
Policy Tracker
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USUnited StatesUS Department of War, Office of Strategic Capital

Vulcan Elements and ReElement Technologies

CommitmentLoanPublicDecided

fin-us-osc-vulcan-reelement-2025-joint-commitment

Reading this record

What the evidence says — and does not say

What kind of figure?
CommitmentMoney, or a money-like promise, committed to a named recipient or project. The only role ever summed.
What has happened legally?
DecidedThe provider has decided to invest, lend or award, including a conditional commitment.
Has money been paid?
Follow the payment evidenceThis status does not itself establish a cash payment. In particular, a signed contract does not necessarily establish an obligation of funds.
What does it link to?
Project attributionNo direct registered project association is coded for this row. A project or facility may still be named in source text; absence of a link is not proof of inactivity.

This is a commitment role, but the financial status still determines legal standing and payment. Funding and verified industrial outcomes remain separate. A financial record alone never independently verifies construction, commissioning or production. Read SMPT's counting and evidence rules.

Amount

USD700 million

As stated “a joint $700 million conditional loan commitment”

USD 700,000,000 · Exact · Currency read from the issuing government

Place in the money chain

A figure is never counted together with a figure it is part of or drawn from.

This row is drawn from

US4 Jul 2025

US Department of Defense, Office of Strategic Capital

up toUSD100 billion

DoD–MP Materials public-private partnership for rare earth magnet supply

Lending authorityLoanPublicAuthorized

Stated by U.S. Department of War (Office of Strategic Capital) · Fourth paragraph — "The funding for OSC's conditional loans comes from the One Big Beautiful Bill Act ... The Act provides up to $100 billion in total OSC lending authority".

Record

Provider
US Department of War, Office of Strategic CapitalOffice of Strategic Capital (OSC)Government body
Legal authority
One Big Beautiful Bill Act (OSC lending authority)
Programme
Office of Strategic Capital critical-minerals lending (One Big Beautiful Bill Act)
Recipient
Vulcan Elements and ReElement TechnologiesReElement TechnologiesCompanyVulcan ElementsCompany
Project
Not stated
Facility
Not stated
Location
Not stated
Stages
Separation, Refining, Component manufacturingSeveral stages, split not stated
Materials
Rare earth elements (grouped)Rare-earth permanent magnets (NdFeB)Tracked materials only

Status

Financial and physical progress are separate histories. The last entry is current.

Financial

  1. Decidedcurrent

    A conditional commitment: "No OSC funds are disbursed until all parties have completed or met the conditions for disbursement as specified in the loan commitment."

    U.S. Department of War (Office of Strategic Capital)

Implementation

No source states the physical status of a project for this row.

Terms

Operative terms as the source words them.

TermFigureAs stated
Other term—“The Department of War will also receive warrants from Vulcan and ReElement as part of the joint commitment.”U.S. Department of War (Office of Strategic Capital)

Stated outcomes

Who says it matters: a company target is not a government commitment.

Other outcomeStated by the recipient

up to 10,000 metric tons of NdFeB magnet material

“Vulcan and ReElement anticipate collectively producing up to 10,000 metric tons of NdFeB magnet material in the next several years”

The companies' expectation as the OSC release reports it; no period or annual rate is stated.

U.S. Department of War (Office of Strategic Capital)

Notes

The joint commitment; its two loans are recorded as parts of it. Stages are stated for the joint commitment, not per company.

Evidence

Every populated field names the source that states it, how directly, and where.

  1. Office of Strategic Capital Agrees to Joint $700M Conditional Loan Commitment with Vulcan Elements and ReElement Technologies

    U.S. Department of War (Office of Strategic Capital)

    Fields supported
    Instrument · Value role · Capital source · Amount · Provider · Legal authority · Recipient · Related commitments · Materials · Status · Terms · Outcomes · Programme
    Evidence level
    Explicit
    Location in document
    First to fourth paragraphs
    View source dossier →

  2. Office of Strategic Capital Agrees to Joint $700M Conditional Loan Commitment with Vulcan Elements and ReElement Technologies

    U.S. Department of War (Office of Strategic Capital)

    Fields supported
    Supply-chain stages
    Evidence level
    Explicit
    Location in document
    Second paragraph
    Qualification
    "advanced rare earth element separation, metallization, and magnet manufacturing capabilities"; metallization is recorded as refining.
    View source dossier →