Wrap Text
Proposed acquisition by US-backed Orion Critical Mineral Consortium of a strategic stake in Glencore’s DRC assets
Glencore plc
(Incorporated in Jersey under the Companies (Jersey) Law 1991)
(Registration
number 107710)
JSE Share Code: GLN
LSE Share Code: GLEN
ISIN: JE00B4T3BW64
LEI: 2138002658CPO9NBH955
Baar, Switzerland
3 February 2026
Proposed acquisition by US-backed Orion Critical Mineral Consortium of a strategic stake in
Glencore's DRC assets
Glencore 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.
Orion 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.
Glencore 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.
Established 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.
The proposed transaction remains subject to due diligence, the execution of legally binding
documentation and any applicable regulatory approvals.
U.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 and
promoting secure, reliable, and mutually beneficial flows of critical minerals between our two
countries. We look forward to continued close engagement with the DRC government to
advance this transaction in a manner that delivers benefits for both our peoples and sets a
positive example for future U.S. investment."
DFC CEO Ben Black, said: "This proposed partnership between Orion CMC and Glencore has the
potential to bring significant returns for both the United States and the DRC. 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."
Gary Nagle, CEO of Glencore, said: "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. Through this partnership, we would be
able to support the ambitions of the U.S. government and private sector with the supply of two
critical minerals."
"The proposed transaction also represents a significant vote of confidence in the DRC
government's ongoing efforts to attract major foreign investment to the country and further
develop its mining industry. 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, defense and critical
infrastructure roll-out of today and the future."
Oskar Lewnowski, Founder and Chief Executive Officer of Orion Resource Partners LP, said: "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. It underscores both the scale of the opportunity and the strategic
importance of the Consortium's mission, and this partnership will create a strong platform from
which Orion CMC can further develop critical mineral assets and pursue additional investment
opportunities. We look forward to working closely with Glencore and U.S. DFC to advance these
shared ambitions."
For further information please contact:
Investors
Martin Fewings t: +41 41 709 28 80 m: +41 79 737 56 42 martin.fewings@glencore.com
Media
Charles Watenphul t: +41 41 709 24 62 m: +41 79 904 33 20 charles.watenphul@glencore.com
www.glencore.com
Glencore LEI: 2138002658CPO9NBH955
Notes for Editors
About Glencore
Glencore is one of the world's largest global diversified natural resource companies and a major producer
and marketer of more than 60 commodities that advance everyday life. Through a network of assets,
customers and suppliers that spans the globe, we produce, process, recycle, source, market and distribute
the commodities that advance everyday life.
KCC's operations produce copper and cobalt hydroxide from its two open pit mines and one underground
mine and Mumi's operations produce copper and cobalt from its three open pit mines, providing raw ore
feed for our copper and cobalt production facilities. In 2025, KCC and Mumi produced a combined 247.8kt
copper metal and 33.5 kt cobalt contained in concentrates and hydroxides. In 2025, both KCC and Mumi
achieved The Copper Mark, after comprehensive self and independent assessments to evaluate the sites'
alignment with 33 globally recognized criteria on responsible mining.
About Orion CMC
Orion CMC is an investment consortium led by Orion Resource Partners LP, and includes the U.S.
International Development Finance Corporation (DFC). Orion CMC represents the largest initiative to create
secure supply chains for critical minerals to the United States and its allies.
About Orion Resource Partners
Orion Resource Partners LP is a global investment firm specializing in the metals and materials critical to
sustainable economic growth and energy transition, with more than $8 billion of assets under management
and a team of more than 80 professionals across five global offices. Orion has successfully invested across
the metals and materials value chain for over a decade, operating complementary investment strategies
spanning the full liquidity spectrum, finding and capturing opportunities driven by the long-term trends of
global decarbonization, the constrained supply of critical resources, and advancements in industrial
technologies. Orion is a signatory to the UN PRI and the IFC Performance Standards on Environmental and
Social Sustainability. For more information visit www.orionrp.com
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Important Information
This material does not purport to contain all of the information you may wish to consider. For further important
information, including in connection with forward-looking statements and other cautionary information, refer to the
Important notice section of Glencore's 2024 Annual Report, which is available at glencore.com/publications. This
document does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to
purchase or subscribe for any securities.
Other information
The companies in which Glencore plc directly and indirectly has an interest are separate and distinct legal entities. In this
document, "Glencore", "Glencore group" and "Group" are used for convenience only where references are made to
Glencore plc and its subsidiaries in general. These collective expressions are used for ease of reference only and do not
imply any other relationship between the companies. Likewise, the words "we", "us" and "our" are also used to refer
collectively to members of the Group or to those who work for them. These expressions are also used where no useful
purpose is served by identifying the particular company or companies.
Sponsor
Absa Corporate and Investment Bank, a division of Absa Bank Limited
Date: 03-02-2026 05:47:00
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