Glencore Orion CMC deal signals shift in DRC minerals

A strategic memorandum with global implications

Glencore has entered into a non-binding memorandum of understanding with the Orion Critical Mineral Consortium to explore the sale of a 40% stake in its Democratic Republic of Congo mining interests. The proposed transaction covers Mutanda Mining and Kamoto Copper Company, two cornerstone assets in the African copper belt. Together, the assets are estimated to imply a combined enterprise value of around US$9 billion.

The structure reflects a shift towards strategic partnerships rather than full divestment. Under the arrangement, Glencore would retain operational control, while Orion CMC would gain governance influence through non-executive board representation.

Governance, offtake, and supply chain security

The proposed framework gives Orion CMC the right to direct the sale of its share of production to nominated buyers. This mechanism aligns output with strategic demand rather than spot market exposure. It also reflects the growing role of structured offtake agreements in critical minerals markets.

The transaction sits within the broader U.S.–DRC Strategic Partnership Agreement. This framework aims to secure reliable flows of copper and cobalt for allied economies, while supporting local development objectives in the DRC.

Why Mutanda and KCC matter

Mutanda Mining and Kamoto Copper Company rank among the largest and highest-quality copper and cobalt operations in Africa. They play a central role in global supply chains for energy transition technologies. Copper supports electrification, while cobalt remains critical for battery manufacturing.

Glencore has positioned these assets as benchmarks for industrial-scale production in the DRC. Continued management by Glencore ensures operational continuity, while the partnership model introduces new sources of long-term capital.

Orion CMC and the role of US-backed capital

Established in October 2025, Orion CMC is led by Orion Resource Partners in partnership with the United States government. The consortium defines itself as mission-driven, with a mandate to support secure, responsible, and resilient critical minerals supply chains.

This approach reflects a wider trend in which strategic capital increasingly complements private sector mining investment. Institutions such as the U.S. International Development Finance Corporation play a growing role in mobilising finance aligned with geopolitical and economic objectives.

Positioning the DRC in global minerals markets

For the Democratic Republic of Congo, the proposed deal reinforces its position at the centre of global critical minerals markets. Engagement with international partners can help stabilise investment flows and support value chain development.

Data from the World Bank shows that demand for copper and cobalt is set to rise steadily over the next decade. In this context, structured partnerships such as the Glencore Orion CMC transaction may become a defining feature of how African mineral assets integrate into global supply systems.

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