Glencore Negotiates $9 Billion Stake Sale in DRC Assets

On February 3, 2026, Glencore PLC and the US-backed Orion Critical Mineral Consortium (Orion CMC) signed a non-binding Memorandum of Understanding for the potential sale of a 40% stake in Glencore's copper and cobalt operations in the Democratic Republic of Congo. The transaction, which involves the Mutanda Mining and Kamoto Copper Company projects, implies a combined enterprise value of approximately $9 billion including debt.

Under the terms, Orion CMC would have the right to appoint non-executive directors and direct the sale of its share of production to nominated buyers. This structure is designed to secure critical mineral supply chains for the United States and its partners, reducing dependency on Chinese sources. Glencore will maintain management of the assets, and the deal remains subject to regulatory approvals and due diligence.

The partnership aligns with the U.S.-DRC Strategic Partnership Agreement. The Orion CMC is led by the US International Development Finance Corporation and the private equity fund Orion Resource Partners.

While these negotiations proceed, Glencore is simultaneously engaged in early discussions with Rio Tinto regarding a potential acquisition. A merger between the two firms would create the world's largest mining company with a market value exceeding $200 billion. Rio Tinto has until February 5 to announce a firm intention to make an offer or withdraw from the process.