Glencore to sell 40% stake in Congo mines to US-backed consortium

Glencore and the Orion Critical Mineral Consortium (Orion CMC) have signed a non-binding Memorandum of Understanding for a potential acquisition by Orion CMC of a 40 per cent stake in Glencore’s interests in its Democratic Republic of Congo assets, Mutanda Mining (Mumi) and Kamoto Copper Company (KCC).

The proposed transaction is expected to imply a combined enterprise value of about US$9 billion for the two assets.

Under the MoU, Orion CMC would have the right to appoint non-executive directors and to direct the sale of its share of production to nominated buyers, in line with the U.S.–DRC Strategic Partnership Agreement, aimed at securing critical minerals for the United States and its partners. Mumi and KCC would continue to be managed within the Glencore Group.

Glencore and Orion CMC also plan to explore opportunities to expand and develop the assets in collaboration with the DRC government and Gécamines, Glencore’s partner in KCC, as well as pursue additional critical mineral investments in the DRC and the wider African copper belt.

Orion CMC, established in October 2025 and led by Orion Resource Partners in partnership with the U.S. government, is focused on developing secure and resilient supply chains for critical minerals. The proposed transaction remains subject to due diligence, binding agreements and regulatory approvals.

U.S. officials and executives from Glencore and Orion CMC described the MoU as supporting increased U.S. investment in the DRC’s mining sector, strengthening supply chains for copper and cobalt, and reinforcing the DRC’s role as a key global producer of critical minerals.