Anglo-Swiss multinational, Glencore has reached an agreement to sell a 40% stake in two of its copper and cobalt projects in the Democratic Republic of the Congo (DR Congo) to a US government-backed investment group.
The deal comes as Washington intensifies efforts to secure access to minerals vital to advanced manufacturing, renewable energy technologies, and national defense supply chains.
In a statement on Tuesday, Glencore said it has entered into a non-binding agreement for the potential sale of the stakes in its Mutanda Mining (Mumi) and Kamoto Copper Company (KCC) assets in the African state to the Orion Critical Mineral Consortium (Orion CMC).
The proposed transaction, which values Glencore’s Mutanda Mining and Kamoto Copper Company operations at approximately $9 billion, would allow the US-backed consortium to secure critical minerals for the United States and its partners.
Under the terms outlined in the press release, Orion CMC would gain the right to appoint non-executive directors and direct the sale of its share of production from the assets. Glencore would continue to manage the operations as part of its group.
The transaction remains subject to due diligence, binding documentation, and regulatory approvals, but that should not be difficult to achieve as the deal is backed by Washington.
U.S. Deputy Secretary of State Christopher Landau said the transaction reflects objectives of the U.S.-DRC Strategic Partnership Agreement by encouraging greater U.S. investment in the DRC’s mining sector.
The DRC is the world’s largest producer of cobalt and a major copper producer, both minerals considered critical for technology and infrastructure development.
“Through this partnership, we would be able to support the ambitions of the US government and private sector with the supply of two critical minerals,” Glencore CEO Gary Nagle stated.
Orion CMC was established in October 2025 and is led by Orion Resource Partners in partnership with the US International Development Finance Corporation (DFC). Its creation followed a peace agreement earlier that year, mediated by US President Donald Trump, between Rwanda and the DR Congo to end decades of violence in eastern Congo.
The accord set out a regional economic framework linked to US-backed investment in the country’s cobalt, coltan, and other critical minerals – an area where Western media and analysts say Washington is seeking to curb China’s dominance.
The head of the DFC has said the proposed partnership could strengthen US–DR Congo economic ties, help “secure a reliable source of critical minerals” for the US and its partners, and support economic growth and stability in the DR Congo.
Glencore has operated in the DR Congo, the world’s leading producer of cobalt, for more than two decades and is one of the country’s largest industrial mining companies. It has, however, faced allegations from non-profit groups over pollution in the copper belt, including concerns about wastewater and contamination near Kolwezi.
The company has also pleaded guilty to bribery charges in the US and has faced a tax penalty of nearly $900 million in the US and has faced a tax penalty of nearly $900 million in the DR Congo.
