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Commodities giant Glencore has taken a major strategic step by agreeing to sell a significant stake in its crucial copper and cobalt mines in the Democratic Republic of Congo (DRC) to a consortium backed by the United States government, underscoring the West’s push to secure supplies of energy transition metals.
Shares in Glencore rose nearly 3% in London on the announcement, reflecting positive market reception for the strategic deal.
The Swiss-based group announced on Tuesday that it entered a non-binding Memorandum of Understanding with the Orion Critical Mineral Consortium (Orion CMC). The deal would see Orion CMC acquire a 40% interest in Glencore’s Mutanda Mining (MUMI) and Kamoto Copper Company (KCC) assets in the DRC, implying a total enterprise value of approximately $9 billion.
The Mutanda and Kamoto operations, located in the Lualaba province, are major producers of copper cathode and cobalt hydroxide. They produced 247,800 tonnes of copper—accounting for nearly 30% of Glencore’s global output—and 35,100 tonnes of cobalt last year, cementing the DRC’s position as the world’s largest cobalt supplier. “This partnership recognizes Glencore’s role as the only major Western producer of copper and cobalt in the DRC,” said Glencore CEO Gary Nagle.
The buyer, Orion CMC, is a purpose-driven entity established in October 2025 by Orion Resource Partners with backing from Abu Dhabi’s ADQ and the U.S. International Development Finance Corporation (DFC). The consortium was formed to invest over $5 billion to secure critical mineral supply chains for the United States and its allies.
“This proposed investment reflects the growing relationship between the U.S. and the DRC [and] helps secure a reliable source of critical minerals,” said DFC CEO Ben Black. U.S. Deputy Secretary of State Christopher Landau stated the deal aligns with the core objectives of the U.S.-DRC Strategic Partnership Agreement to “promote secure, reliable, and mutually beneficial flows of critical minerals.”
The proposed terms extend beyond a simple financial investment. Orion CMC would gain the right to appoint non-executive directors to the boards of the assets and, in accordance with the U.S.-DRC partnership, direct the sale of its share of production to nominated buyers. This mechanism directly serves the U.S. goal of building resilient supply chains. Operations at the mines would continue to be managed by Glencore.
The move comes as Glencore itself is engaged in potential merger talks with Rio Tinto, a combination that could create a copper behemoth. The partial divestment in the DRC helps Glencore optimize its portfolio, bring in a strategic partner, and mitigate operational risk in a challenging jurisdiction during a period of potential transformation.
Concurrently, it marks the latest move by the U.S. to deepen its footprint in the DRC’s critical minerals sector, following a $1 billion-plus commitment from the DFC in December for other projects, including a venture between state miner Gécamines and trader Mercuria.
For the DRC, the transaction is seen as a significant endorsement of its efforts to attract foreign investment. Glencore and Orion CMC stated they would seek opportunities to expand the assets in partnership with the DRC government and Gécamines, and look for additional projects across the African Copper Belt.
The transaction remains subject to due diligence, binding agreements, and regulatory approvals.
