Glencore and the Orion Critical Mineral Consortium are pursuing a non-binding MOU for the latter to acquire a 40% stake in Glencore’s interests in its Democratic Republic of Congo assets Mutanda Mining and Kamoto Copper Company, implying a combined enterprise value for the two assets of around $9 billion.
The valuation is based on the entirety of the mines including debt, while the contemplated purchase is a strategic minority stake rather than a change of operator.
Orion CMC would gain the right to appoint non-executive directors in respect of the assets and would be able to direct the sale of the relevant share of production from the assets to nominated buyers, aligned with the US-DRC Strategic Partnership Agreement. Mutanda and KCC would continue to be managed as part of the Glencore Group.
The parties positioned the structure as explicitly tied to supply security, with Orion CMC’s production-direction rights described as a way of “thereby securing critical minerals for the United States and its partners” under the bilateral partnership framework.
Glencore and Orion CMC said they will look for opportunities to expand and develop Mumi and KCC, working with the DRC Government and Gécamines (Glencore’s existing partner in KCC), and to pursue additional critical mineral projects across the DRC and the broader African copper belt.
Orion CMC was established in October 2025, led by Orion Resource Partners in partnership with the US government.
“We are pleased that the US Government and Orion CMC have recognized Glencore’s role as the only major Western producer of copper and cobalt in the DRC… 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,” said Glencore CEO Gary Nagle.
The proposed transaction is subject to due diligence, execution of legally binding documentation, and any applicable regulatory approvals, meaning pricing, governance detail, and enforceable offtake terms are not yet final.
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