Glencore and the Orion Critical Mineral Consortium  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  assets, Mutanda Mining and Kamoto Copper Company . 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 Minerals 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. Orion 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 U.S. DFC to advance these shared ambitions.”