US-backed consortium targets DRC minerals in strategic Glencore deal

Glencore and the Orion Critical Mineral Consortium (Orion CMC) have entered into a non-binding Memorandum of Understanding for a potential acquisition by Orion CMC of a 40 percent stake in Glencore’s interests in its Democratic Republic of Congo (DRC) assets, Mutanda Mining (Mumi) and Kamoto Copper Company (KCC). The proposed transaction implies a combined enterprise value of approximately US$9 billion for the two assets, according to news posted on theGlencorewebsite. Under the arrangement, Orion CMC would be entitled to appoint non-executive directors in respect of the assets and to direct the sale of its share of production to nominated buyers, in line with the U.S.–DRC Strategic Partnership Agreement.

This is aimed at securing critical minerals for the United States and its partners. Mumi and KCC would continue to be operated and managed within the Glencore Group. The parties also plan to explore opportunities to expand and develop the two operations in collaboration with the DRC government and Gécamines, Glencore’s partner in KCC.

In addition, they will assess the acquisition of further critical mineral projects across the DRC and the wider African copper belt. The proposed transaction remains subject to due diligence, the execution of binding legal agreements and the receipt of all necessary regulatory approvals. He said the proposed deal reflected the objectives of the U.S.–DRC Strategic Partnership Agreement by encouraging greater U.S.

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investment in the DRC’s mining sector and fostering reliable and mutually beneficial flows of critical minerals. Glencore Chief Executive Officer, Gary Nagle, said the proposed partnership recognised Glencore’s position as the only major Western producer of copper and cobalt in the DRC through its Mumi and KCC assets. He described the transaction as a strong vote of confidence in the DRC government’s efforts to attract foreign investment and further develop the mining sector. Orion Resource Partners Founder and Chief Executive Officer, Oskar Lewnowski, said the transaction aligned with Orion CMC’s core mission of securing long-life, high-quality production of critical minerals while supporting resilient supply chains for the United States and its allies.

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