U.S. Expands Strategic Footprint in Africa’s Critical Minerals Through Glencore Deal
U.S.-Backed Orion Consortium Acquires 40% Stake in Glencore’s DRC Copper and Cobalt Assets
The United States is strengthening its presence in Africa’s critical minerals sector after Glencore PLC agreed to sell a 40% stake in its Democratic Republic of Congo (DRC) copper and cobalt operations to the U.S.-backed Orion Critical Minerals Consortium (Orion CMC).
The transaction, announced on Tuesday, values the assets at approximately $9 billion, including debt, and covers Glencore’s Mutanda Mining (MUMI) and Kamoto Copper Company (KCC) operations.
These projects rank among the largest Western-owned producers of cobalt and copper in the DRC minerals that are essential for electric vehicles, renewable energy systems, and advanced manufacturing.
Structure of the Transaction
Orion CMC, established in October 2025 and led by Orion Resource Partners in partnership with the U.S. government, will gain governance and commercial rights proportional to its ownership.
Under the terms of the agreement, the consortium will be entitled to appoint non-executive directors to the boards of both MUMI and KCC.
It will also have the right to direct the sale of its share of production to nominated buyers, while Glencore will retain responsibility for day-to-day operations as operator of the mines.
The consortium will additionally explore opportunities to expand and develop MUMI and KCC, working in cooperation with the DRC government and Gécamines, Glencore’s long-standing joint-venture partner at KCC. Orion CMC is also expected to pursue additional critical mineral acquisitions across the African Copperbelt.
Executive and Government Commentary
Glencore Chief Executive Officer Gary Nagle said the transaction reflects the strategic importance of the company’s DRC operations.
“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 will be able to support the ambitions of the U.S. government and private sector in securing supplies of two critical minerals.”
U.S. Deputy Secretary of State Christopher Landau said the proposed deal aligns with broader bilateral objectives.
“This transaction reflects the core objectives of the U.S.–DRC Strategic Partnership Agreement by encouraging increased U.S. investment in the DRC’s mining sector and promoting secure, reliable, and mutually beneficial flows of critical minerals between our two countries.”
Strategic Context: U.S.–China Competition
The deal underscores Washington’s growing focus on supply chain security and its efforts to counter China’s dominant position in global mineral extraction and processing.
Africa, with its vast and largely undeveloped mineral reserves, has emerged as a central arena in this strategic competition.
The 2025 U.S.–DRC Strategic Partnership Agreement seeks to deepen cooperation in resource development, infrastructure investment, and economic security, positioning the DRC as a key supplier of energy-transition minerals to Western markets.
Parallel Industry Developments
Separately, Rio Tinto is reported to be in early-stage discussions regarding a potential acquisition of Glencore. If completed, the transaction could create the world’s largest mining company, with a combined market capitalization exceeding $200 billion.
The parties involved have until February 5 to announce a firm intention to proceed or withdraw, although an extension to the deadline may be requested.
Conditions and Next Steps
Glencore and Orion CMC cautioned that the agreement remains subject to due diligence, regulatory approvals, and the execution of definitive legal documentation.
There is no assurance at this stage that the transaction will proceed to completion.
