WASHINGTON, Feb. 3, 2026 -- Glencore and the Orion Critical Mineral Consortium ("Orion CMC") announce that they have entered into a non-binding Memorandum of Understanding in relation to a potential acquisition by Orion CMC of a 40% stake in Glencore's interests in its Democratic Republic of Congo ("DRC") assets, Mutanda Mining ("Mumi") and Kamoto Copper Company ("KCC"). The transaction is expected to imply a combined enterprise value for Mumi and KCC of around $9 billion.
Orion CMC will have the right to appoint non-executive directors in respect of the assets and direct the sale of the relevant share of production from the assets to nominated buyers, in accordance with the U.S.-DRC Strategic Partnership Agreement, thereby securing critical minerals for the United States and its partners. Mumi and KCC would continue to be managed as part of the Glencore Group.
Glencore and Orion CMC will also look for opportunities to expand and develop Mumi and KCC, working with the DRC Government and Gécamines, Glencore's existing partner in KCC, as well as to acquire additional critical mineral projects and assets in the DRC and the African copper belt more broadly.
Established in October 2025 and led by Orion Resource Partners in partnership with the U.S. government, Orion CMC is a mission-driven consortium designed to support the United States and its allied and partner nations to develop secure, responsible, and resilient supply chains for the critical minerals that underpin future economic growth and security.
The proposed transaction remains subject to due diligence, the execution of legally binding documentation and any applicable regulatory approvals.
U.S. Deputy Secretary of State Christopher Landau, said: "The United States government is fully committed to the Washington Accords and ensuring peace, stability and prosperity throughout the entire Great Lakes region. This proposed transaction between Glencore and the US-backed Orion Critical Mineral Consortium reflects the core objectives of the U.S.-DRC Strategic Partnership Agreement by encouraging greater U.S. investment in the DRC's mining sector and promoting secure, reliable, and mutually beneficial flows of critical minerals between our two countries. We look forward to continued close engagement with the DRC government to advance this transaction in a manner that delivers benefits for both our peoples and sets a positive example for future U.S. investment."
DFC CEO Ben Black, said "This proposed partnership between Orion CMC and Glencore has the potential to bring significant returns for both the United States and the DRC. CMC's potential investment would reflect the growing relationship between the U.S. and the DRC, help secure a reliable source of critical minerals for the United States and our partners, and drive economic opportunity and regional stability for the DRC."
Gary Nagle, CEO of Glencore, said: "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 would be able to support the ambitions of the U.S. Government and private sector with the supply of two critical minerals."
"The proposed transaction also represents a significant vote of confidence in the DRC Government's ongoing efforts to attract major foreign investment to the country and further develop its mining industry. As the world's largest producer of cobalt and one of the largest copper producers, the DRC plays a vital role in supporting the technology, defense and critical infrastructure roll-out of today and the future."
Oskar Lewnowski, Founder and Chief Executive Officer of Orion Resource Partners LP, said: "This proposed transaction is exactly what Orion CMC was established to achieve – securing long-life, high-quality production of critical minerals while supporting resilient supply chains for the United States and its allies. It underscores both the scale of the opportunity and the strategic importance of the Consortium's mission, and this partnership will create a strong platform from which Orion CMC can further develop critical mineral assets and pursue additional investment opportunities. We look forward to working closely with Glencore and the U.S. DFC to advance these shared ambitions."
About Glencore
Glencore is one of the world's largest global diversified natural resource companies and a major producer and marketer of more than 60 commodities that advance everyday life. Through a network of assets, customers and suppliers that spans the globe, we produce, process, recycle, source, market and distribute the commodities that advance everyday life.
KCC's operations produce copper and cobalt hydroxide from its two open pit mines and one underground mine and Mumi's operations produce copper and cobalt from its three open pit mines, providing raw ore feed for our copper and cobalt production facilities. In 2025, KCC and Mumi produced a combined 247.8kt copper metal and 33.5 kt cobalt contained in concentrates and hydroxides. In 2025, both KCC and Mumi achieved The Copper Mark, after comprehensive self and independent assessments to evaluate the sites' alignment with 33 globally recognized criteria on responsible mining.
About Orion CMC
Orion CMC is an investment consortium led by Orion Resource Partners LP, and includes the U.S. International Development Finance Corporation (DFC). Orion CMC represents one of the largest initiatives aimed at creating secure supply chains for critical minerals to the United States and its allies.
About Orion Resource Partners
Orion Resource Partners LP is a global investment firm specializing in the metals and materials critical to sustainable economic growth and energy transition, with more than $8 billion of assets under management and a team of more than 80 professionals across five global offices. Orion has successfully invested across the metals and materials value chain for over a decade, operating complementary investment strategies spanning the full liquidity spectrum, finding and capturing opportunities driven by the long-term trends of global decarbonization, the constrained supply of critical resources, and advancements in industrial technologies. Orion is a signatory to the UN PRI and the IFC Performance Standards on Environmental and Social Sustainability. For more information visit www.orionrp.com
Greenbrook
Peter Hewer, Cecilie Oerting
Email: orionresourcepartners@greenbrookadvisory.com
Tel: +44 (0) 20 7952-2000
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