Staff Writer
Glencore plc has entered into a non-binding memorandum of understanding with the US-backed Orion Critical Mineral Consortium for the possible sale of a 40% stake in its Democratic Republic of Congo (DRC) mining assets.
The agreement covers Mutanda Mining and Kamoto Copper Company, both located in the Democratic Republic of Congo.
The proposed transaction is expected to value the two assets at a combined enterprise value of about US$9 billion.
Under the terms of the agreement, Orion CMC would acquire a minority strategic stake, while Glencore would retain operational control.
Mutanda Mining and Kamoto Copper Company would continue to operate within the Glencore Group.
Orion CMC would have the right to appoint non-executive directors linked to the assets and to direct the sale of its share of production to nominated buyers.
This would be done in line with the US–DRC strategic partnership agreement and is aimed at securing long-term supplies of critical minerals, including copper and cobalt, for the United States and partner countries.
Beyond the initial transaction, Glencore and Orion CMC plan to work with the DRC government and Gécamines, Glencore’s partner in Kamoto Copper Company, to expand and further develop the two operations.
The parties will also look at acquiring additional critical mineral projects in the DRC and across the wider African copper belt.
Orion CMC was established in October 2025 and is led by Orion Resource Partners in partnership with the US government.
The consortium was formed to support secure and responsible supply chains for critical minerals needed for economic growth, the energy transition and national security.
US deputy secretary of state Christopher Landau said the proposed transaction supports the goals of the US–DRC strategic partnership agreement by encouraging increased US investment in the DRC’s mining sector and promoting secure flows of critical minerals between the two countries.
US International Development Finance Corporation chief executive officer Ben Black said the partnership could deliver returns for both the United States and the DRC while strengthening bilateral relations and supporting economic development and stability in the DRC.
Glencore chief executive officer Gary Nagle said the proposed partnership reflects Glencore’s position as the only major Western producer of copper and cobalt in the DRC and shows confidence in the country’s efforts to attract foreign investment.
He said the DRC’s role as the world’s largest cobalt producer and a major copper producer is vital to global technology, defence and infrastructure development.
Caption
The US-backed Orion consortium plans to acquire a 40% stake in Glencore’s mining assets in the Democratic Republic of Congo (DRC).
