When Washington unveiled Project Vault in early February, it set aside up to US$10 billion (about N$190 billion) in Export-Import Bank financing, backed by nearly US$2 billion (about N$38 billion) in private capital, to establish a United States Strategic Critical Minerals Reserve.
The objective is direct and security-driven: to build a decentralised American stockpile of critical minerals stored inside the United States to shield manufacturers from supply shocks, geopolitical coercion and price volatility.
Rather than relying on global spot markets — particularly those dominated by Chinese processing and trading networks — Washington wants to lock in long-term supply from politically aligned producers and convert that access into physical inventory held on US soil.
Under Project Vault, the minerals are not extracted or controlled by the US government itself.
Instead, the mechanism works through long-term offtake agreements supported by Export-Import Bank financing, often alongside private capital. Producer countries supply minerals under predictable, contract-backed arrangements.
At the same time, the resulting material is warehoused within the United States as a strategic reserve that American manufacturers can draw on during periods of disruption.
In effect, Project Vault turns foreign mineral production into domestic security stockpiles. Although the reserve will sit on American soil, the minerals must come from somewhere.
Although Namibia was neither invited nor formally represented at Project Vault’s launch, several of the countries that attended already have mining interests operating in Namibia.
Delegations present included Australia, Canada, the United Kingdom, France, Germany, Japan, the Netherlands and Belgium, among others. Many of these countries are home to companies active in Namibia’s uranium, gold, zinc, lithium and graphite sectors.
Australia and Canada, in particular, host a significant number of listed companies developing or operating Namibian uranium and battery-mineral projects. The United Kingdom is linked through corporate-domiciled mining groups with assets in Namibia, while France has longstanding uranium interests tied to its nuclear fuel cycle.
This means that even though Namibia did not have a seat at the table during Project Vault’s unveiling, its mineral output is already connected to several of the represented economies through ownership structures, listings, financing channels and supply agreements.
In practical terms, Namibia’s role is emerging indirectly — not through formal diplomatic participation, but through the embedded presence of foreign capital and operating companies tied to countries shaping the new critical-minerals security architecture.
Its focus is uranium, rare earth elements, lithium, copper and graphite — materials that underpin nuclear energy, defence manufacturing, electrification and battery storage.
Diamonds and gold fall outside the framework because the initiative is not about store-of-value assets, but about safeguarding industrial systems.
Namibia’s uranium production aligns directly with US nuclear expansion plans, particularly as Washington seeks to reduce reliance on geopolitically exposed fuel-cycle supply.
Rare earth prospects offer a pathway to dilute China’s dominance in magnet and defence-related materials. Copper underpins electrification and grid infrastructure, while lithium and graphite anchor battery supply chains.
Namibia’s policy environment, licensing transparency and infrastructure reliability therefore matter as much as resource scale. In this framework, the country is evaluated not simply as a mineral producer, but as a strategic supplier.
The new United States Ambassador to Namibia, John Giordano, has moved quickly since arriving in Windhoek, placing energy security and critical minerals at the centre of bilateral engagement.
During his visit to Walvis Bay this week, accompanied by senior officials from the US Department of Energy, Giordano toured Baker Hughes’ integrated facilities at the port.
Speaking after the visit, Giordano described the operation as “an incredible example of American competitiveness and how the United States operates abroad,” pointing to the transfer of engineering skills and technical expertise to young Namibians.
He emphasised that American investment is long-term and anchored in localisation.
“I do not believe we are leaving anytime soon,” he said, adding that the US approach focuses on training, technology transfer and strengthening local operations so they continue to grow independently.
His remarks echo the logic of Project Vault. Washington no longer views minerals as neutral commodities traded on global markets. They are instruments of economic security, and countries like Namibia are seen as partners in safeguarding supply rather than merely sources of extraction.
The European Union’s Global Gateway initiative, a €300 billion connectivity and investment framework, also targets critical raw materials — but through a structurally different model. Rather than stockpiling minerals in Europe, Global Gateway prioritises infrastructure development, renewable energy systems, logistics corridors and in-country value addition.
The emphasis is on diversified supply chains, sustainability standards and long-term institutional partnerships.
Europe’s engagement often centres on beneficiation, green energy integration and regulatory alignment under the EU’s Critical Raw Materials Act.
If Project Vault is about buffering risk at home through inventory security, Global Gateway is about reshaping supply chains abroad.
Overlaying both Western approaches is China’s established footprint in Namibia’s mining sector.
Chinese state-backed firms already operate in uranium production, most notably through majority ownership of the Rössing Uranium Mine, and China continues to dominate global rare earth processing and battery mineral supply chains.
Its model combines upstream investment with downstream processing leverage, embedding minerals into vertically integrated industrial systems rather than stockpiles or infrastructure diplomacy.
This creates a three-way strategic dynamic in Namibia.
The United States offers security-driven offtake and financing through Project Vault.
The European Union offers infrastructure-linked partnerships through Global Gateway. China brings established capital, processing dominance and deeply integrated supply chains.
Namibia’s geology has not changed. What has changed is how global powers interpret it.
Uranium is no longer just an export commodity; it is a pillar of energy security. Rare earths underpin defence systems and renewable energy—copper anchors electrification. Lithium and graphite sit at the heart of battery manufacturing.
