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

Vulcan Elements

CommitmentLoanPublicDecided

fin-us-osc-vulcan-reelement-2025-vulcan-elements-loan

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

USD620 million

As stated “one to Vulcan for $620 million”

USD 620,000,000 · 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.

Record

Provider
US Department of War, Office of Strategic CapitalOffice of Strategic Capital (OSC)Government body
Legal authority
Not stated
Programme
Office of Strategic Capital critical-minerals lending (One Big Beautiful Bill Act)
Recipient
Vulcan ElementsVulcan ElementsCompany
Project
Not stated
Facility
Not stated
Location
Not stated
Stages
Not statedNot 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.

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 · Recipient · Related commitments · Materials · Status · Programme
    Evidence level
    Explicit
    Location in document
    Second paragraph
    View source dossier →