In early February 2026, Glencore signed a preliminary, non-binding memorandum of understanding (MOU) to sell a 40% stake in its Democratic Republic of Congo (DRC) copper and cobalt assets to a U.S. government-backed consortium. The deal values the assets at approximately $9 billion (including debt) and is seen as a major strategic move by the Trump administration to secure critical mineral supply chains and counter China’s dominance in the region.
Details of the Transaction
The transaction involves two of Glencore’s primary operations in the DRC: Mutanda Mining (Mumi) and Kamoto Copper Company (KCC).
Stake and Value: The Orion Critical Mineral Consortium (Orion CMC) will acquire a 40% interest. While the combined enterprise value is $9 billion, the final cash payment to Glencore may be closer to $2 billion due to existing debt and Glencore’s varying ownership levels in the mines (75% of KCC and 95% of Mumi).
Operational Control: Glencore will continue to manage the day-to-day operations of both mines as part of the Glencore group.
Strategic Rights: Orion CMC will have the right to appoint non-executive directors to the boards of these assets and, crucially, the right to direct the sale of their 40% share of production to nominated buyers.
The Consortium: Orion CMC was established in October 2025. It is led by Orion Resource Partners and includes the U.S. International Development Finance Corporation (DFC) and Abu Dhabi’s sovereign wealth fund, ADQ.
Geopolitical and Strategic Significance
This deal is framed as much more than a commercial mining transaction, representing a “new era of resource nationalism”.
Countering China: The agreement is a direct effort by the U.S. to challenge China’s grip on the global battery and clean energy supply chains. It aligns with the U.S.-DRC Strategic Partnership Agreement, signed in December 2025, which prioritises American interests in the DRC’s supply chain in exchange for investment and infrastructure development.
De-risking for Glencore: For Glencore, bringing in U.S. government-backed partners may lower the risk premium of operating in a politically volatile region. It also helps address past governance concerns—Glencore previously settled bribery allegations related to its DRC operations in 2022.
Potential New Mining Entity: There are reports that this transaction could be the first step in creating a new American-backed “mining house” designed to accumulate further assets across the African copper belt.
Rio Tinto Merger Context: This deal comes while Glencore is in early-stage takeover talks with Rio Tinto. Bringing the “imprimatur of the White House” to these DRC assets may soothe Rio Tinto’s concerns regarding the sovereign and compliance risks associated with Glencore’s African portfolio.
Future Outlook
The deal remains subject to due diligence and regulatory approvals. Beyond Mutanda and KCC, the partners have stated they will explore further opportunities to acquire additional critical mineral projects across the African copper belt. Simultaneously, the U.S. has launched a $12 billion critical minerals stockpile to further safeguard domestic manufacturers from potential shortages.
note by Alessandro Bazzoni