Glencore (LSE:GLEN,OTCPL:GLCNF) has entered into preliminary talks with a US-backed investment group over the potential sale of a major stake in two of its flagship copper and cobalt operations in the Democratic Republic of Congo (DRC).
In a joint statement, Glencore and the Orion Critical Mineral Consortium said they have signed a non-binding memorandum of understanding that could see Orion acquire a 40 percent interest in Glencore’s holdings in Mutanda Mining and Kamoto Copper Company.
Under the terms outlined, Glencore would continue to operate Mutanda and Kamoto as part of its broader group, while Orion would gain the right to appoint non-executive directors and direct the sale of its share of production to designated buyers.
The sales would be aligned with the US-DRC Strategic Partnership Agreement, with the stated aim of securing reliable supplies of copper and cobalt for the United States and its allies.
The parties also said they would explore opportunities to expand and further develop the two operations, working alongside the Congolese government and state mining company Gécamines, which is Glencore’s partner in Kamoto. In addition, the consortium and Glencore signaled interest in pursuing other critical mineral projects across the DRC and the wider African copper belt.
Orion CMC was established in October 2025 and is led by Orion Resource Partners in partnership with the US government. It describes itself as a mission-driven consortium focused on building secure and resilient supply chains for minerals deemed essential to future economic growth and national security.
US Deputy Secretary of State Christopher Landau said the proposed transaction aligns with Washington’s broader objectives in the region. “This proposed transaction between Glencore and the US-backed Orion Critical Minerals Consortium reflects the core objectives of the US-DRC Strategic Partnership Agreement by encouraging greater US investment in the DRC’s mining sector and promoting secure, reliable, and mutually beneficial flows of critical minerals between our two countries.”
The discussions remain at an early stage and are subject to due diligence, definitive agreements, and regulatory approvals.
The potential stake sale also comes amid heightened corporate activity around Glencore. Early last month, Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO) reopened early-stage talks about a possible acquisition of the Swiss miner, a deal that could create the world’s largest mining company with a combined market value exceeding US$200 billion.
Rio Tinto has until February 5 to declare a firm intention or step away, though the deadline could be extended.
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.