Business
Proposed purchase of stake in Glencore DRC assets
Glencore plc has entered into a non-binding Memorandum of Understanding with the US-backed Orion Critical Mineral Consortium (Orion CMC) for the potential acquisition of a 40% stake in Glencore's Democratic Republic of Congo assets, Mutanda Mining and Kamoto Copper Company, with an expected combined enterprise value of approximately $9 billion. This transaction, which is subject to due diligence and regulatory approvals, aims to secure critical minerals for the United States and its partners, with Orion CMC gaining rights to appoint directors and direct the sale of a share of production. Glencore's DRC operations produced a combined 247.8 kilotonnes of copper and 33.5 kilotonnes of cobalt in 2025. Disclaimer*
About this update from Glencore Plc
[{"type":"text","content":"\n\n \n \nGlencore plc\nBaar, Switzerland\n3 February 2026\n \nProposed acquisition by US-backed Orion Critical Mineral Consortium of a strategic stake in Glencore's DRC assets\n \nGlencore and the Orion Critical Mineral Consortium (\"Orion CMC\") announce that they have entered into a non-binding Memorandum of Understanding in relation to a potential acquisition by Orion CMC of a 40% stake in Glencore's interests in its Democratic Republic of Congo (\"DRC\") assets, Mutanda Mining (\"Mumi\") and Kamoto Copper Company (\"KCC\"). The transaction is expected to imply a combined enterprise value for Mumi and KCC of around $9 billion.\n \nOrion CMC will have the right to appoint non-executive directors in respect of the assets and direct the sale of the relevant share of production from the assets to nominated buyers, in accordance with the U.S.-DRC Strategic Partnership Agreement, thereby securing critical minerals for the United States and its partners. Mumi and KCC would continue to be managed as part of the Glencore Group.\n \nGlencore and Orion CMC will also look for opportunities to expand and develop Mumi and KCC, working with the DRC government and Gécamines, Glencore's existing partner in KCC, as well as to acquire additional critical mineral projects and assets in the DRC and the African copper belt more broadly.\n \nEstablished in October 2025 and led by Orion Resource Partners in partnership with the U.S. government, Orion CMC is a mission-driven consortium designed to support the United States and its allied and partner nations to develop secure, responsible, and resilient supply chains for the critical minerals that underpin future economic growth and security. \n \nThe proposed transaction remains subject to due diligence, the execution of legally binding documentation and any applicable regulatory approvals. \n \nU.S. Deputy Secretary of State Christopher Landau, said: \"The United States government is fully committed to the Washington Accords and ensuring peace, stability and prosperity throughout the entire Great Lakes region. This proposed transaction between Glencore and the US-backed Orion Critical Minerals Consortium reflects the core objectives of the U.S.-DRC Strategic Partnership Agreement by encouraging greater U.S. investment in the DRC's mining sector...