Glencore PLC and a U.S.-backed investment consortium are in preliminary talks over a potential $9 billion deal that could see the consortium acquire a 40 % stake in two of the Swiss miner’s largest copper and cobalt operations in the Democratic Republic of Congo (DRC), executives and analysts said Tuesday.
The proposed memorandum of understanding (MOU) with the Orion Critical Mineral Consortium (Orion CMC) led by Orion Resource Partners LP and backed by the U.S. government’s International Development Finance Corporation (DFC) would cover interests in Mutanda Mining (Mumi) and Kamoto Copper Company (KCC). The combined enterprise value of the assets is expected to be about $9 billion, according to company statements.
The arrangement would allow Orion CMC to appoint nonexecutive directors to the mining operations and direct the sale of its portion of mineral output under the framework of the U.S.-DRC Strategic Partnership Agreement, aimed at securing critical mineral supplies for the United States and allied nations. Glencore said operational control would remain with its existing management teams.
Strategic Minerals, Global Markets
Copper and cobalt are essential to the global energy transition, powering electric vehicles, wind turbines, and rechargeable batteries. The DRC is the world’s largest producer of cobalt and a leading copper supplier, making the potential deal a strategic milestone for Western companies seeking secure supplies in competition with Chinese firms deeply entrenched in the region’s mining sector.
“The DRC plays a vital role in supporting technology, defense and critical infrastructure,” Glencore CEO Gary Nagle said in a statement released with the MOU announcement. He called the proposed partnership a “significant vote of confidence” in the Congolese government’s efforts to attract foreign investment.
U.S. Deputy Secretary of State Christopher Landau said the transaction would reflect the core objectives of the strategic partnership agreement between Washington and Kinshasa by encouraging greater U.S. investment in Congo’s mining sector and promoting reliable flows of critical minerals between the countries.
The consortium’s investment could enhance U.S. influence in the global minerals market at a time when supply chain resilience has become a geopolitical priority, industry analysts said. A Reuters report noted the discussions come amid broader merger talks that could see Glencore combine with Rio Tinto to form a mining giant with more than $200 billion in market value, underscoring the high stakes in the sector.
Market and Investment Implications
Financial markets reacted with cautious interest. Share traders in London saw modest movements in Glencore’s stock after news of the potential deal emerged, and analysts said the arrangement could unlock new sources of capital for expansion and reduce supply bottlenecks in critical metals.
Orion CMC was formed in October 2025 specifically to support secure and responsible supply chains for minerals considered critical to economic growth and national security. Backed by the DFC and private capital, the consortium represents one of the largest Western initiatives targeting resource diversification outside China’s dominant footprint in cobalt and copper production.
Ben Black, CEO of the DFC, said the partnership could deliver significant returns for both U.S. stakeholders and the DRC, while helping secure reliable access to minerals essential for clean energy technologies and regional stability.
Local and Regional Context
The DRC government and state-owned mining partner Gécamines are expected to be involved as discussions progress. Officials in Kinshasa have previously highlighted major mining conferences and efforts to improve sustainable practices and attract foreign capital, a backdrop that analysts say could make the country more appealing to international investors.
Both KCC and Mumi have achieved industry certifications for responsible mining practices, including The Copper Mark, awarded after independent ESG (environmental, social and governance) assessments. Such credentials have boosted confidence among institutional investors and buyers of responsibly sourced minerals.
The DRC’s cobalt sector has also seen recent regulatory shifts, including export quotas designed to balance domestic supply and foreign sales, although analysts note that production and export dynamics remain fluid as global demand grows.
The transaction remains subject to due diligence, binding agreements and regulatory approvals in multiple jurisdictions before it can be finalized. Both Glencore and Orion CMC said they will explore opportunities to expand mining operations and pursue additional projects across the broader African copper belt.
For global markets, the deal underscores a broader shift in how Western governments and private capital are partnering to secure critical mineral supplies, a trend likely to intensify as demand for electrification and technology metals accelerates.
