Global commodities trader Glencore and the Orion Critical Mineral Consortium (Orion CMC) have signed a non-binding memorandum of understanding (MoU) over a potential acquisition by Orion CMC of a 40% stake in Glencore’s interests in two major mining assets in the Democratic Republic of Congo (DRC): Mutanda Mining (Mumi) and Kamoto Copper Company (KCC).
The proposed transaction is expected to imply a combined enterprise value of around $9 billion for the two assets, which are among the most significant sources of copper and cobalt globally. Both minerals are considered critical to energy transition technologies, electric vehicles, defence systems and modern infrastructure.
Under the terms of the MoU, Orion CMC would gain the right to appoint non-executive directors in respect of the assets and to direct the sale of its share of production to nominated buyers. This would be done in line with the U.S.–DRC Strategic Partnership Agreement, with the aim of securing reliable supplies of critical minerals for the United States and its partners. Despite the proposed equity sale, Mumi and KCC would continue to be managed as part of the Glencore Group.
Glencore and Orion CMC also said they would explore opportunities to expand and further develop the two operations, working closely with the DRC government and Gécamines, the state-owned mining company and Glencore’s existing partner in KCC. Beyond the current assets, the parties indicated an interest in acquiring additional critical mineral projects in the DRC and across the wider African copper belt.
Orion CMC was established in October 2025 and is led by Orion Resource Partners in partnership with the U.S. government. The consortium is described as mission-driven, with a mandate to help the United States and allied nations build secure, responsible and resilient supply chains for critical minerals that underpin future economic growth and national security.
The proposed transaction remains subject to due diligence, the execution of legally binding agreements and the receipt of all necessary regulatory approvals.
U.S. Deputy Secretary of State Christopher Landau said the deal aligned with Washington’s strategic objectives in the region.
“The United States government is fully committed to the Washington Accords and ensuring peace, stability and prosperity throughout the entire Great Lakes region,” Landau said. “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 and promoting secure, reliable, and mutually beneficial flows of critical minerals between our two countries.”
He added that the U.S. looked forward to continued engagement with the DRC government to ensure the transaction delivers tangible benefits and sets a positive precedent for future American investment.
U.S. International Development Finance Corporation (DFC) chief executive Ben Black said the partnership could generate economic and strategic gains for both countries.
“Orion CMC’s potential investment would reflect the growing relationship between the U.S. and the DRC, help secure a reliable source of critical minerals for the United States and our partners, and drive economic opportunity and regional stability for the DRC,” he said.
Glencore chief executive Gary Nagle said the agreement highlighted the company’s strategic position in the DRC.
“We are pleased that the U.S. government and Orion CMC have recognized Glencore’s role as the only major Western producer of copper and cobalt in the DRC, through our high-quality assets, Mumi and KCC,” Nagle said. He added that the proposed transaction was also a vote of confidence in the DRC government’s efforts to attract large-scale foreign investment.
“As the world’s largest producer of cobalt and one of the largest copper producers, the DRC plays a vital role in supporting the technology, defence and critical infrastructure roll-out of today and the future,” he said.
Orion Resource Partners founder and CEO Oskar Lewnowski said the deal was central to the consortium’s mission.
“This proposed transaction is exactly what Orion CMC was established to achieve – securing long-life, high-quality production of critical minerals while supporting resilient supply chains for the United States and its allies,” Lewnowski said, adding that it would create a platform for further investments in critical mineral assets across Africa.
