US-backed Consortium Eyes 40% Stake OF Glencore's DRC Mines

The logo of commodities trader Glencore is pictured in front of the company's headquarters in Baar, Switzerland. Image credit: Reuters/Arnd Wiegmann/File Photo

The Orion Critical Mineral Consortium (Orion CMC), led by private equity fund Orion Resource Partners and the US International Development Finance Corporation, is seeking a combined 40% stake in Glencore's Mutanda Mining and Kamoto Copper Company (KCC) projects, the companies said.

Mutanda and KCC are major producers of cobalt and copper used in electric vehicles and renewable energy technologies.

The potential stake sale comes as Rio Tinto is in early talks to buy the Swiss miner and trader, which could create the world's largest mining company with a combined market value of more than $200bn.

Rio has until 5 February to either announce a firm intention to make an offer or walk away, though the parties could request an extension.

Copper producers increasingly want to share the risks and costs of projects and have been seeking partners. The sector has also seen a jump in mergers and acquisitions.

The Glencore-Orion CMC talks underscore Washington's growing push to secure access to critical minerals, including cobalt, lithium, and rare earth elements that are vital for clean energy, advanced manufacturing and defence technologies. US supply chains remain heavily dependent on imports and vulnerable to geopolitical risks, particularly due to China's dominance in mineral extraction and processing.

Africa, home to vast untapped reserves, has become a focal point in this strategic competition, with the DRC becoming a key area. Washington and Kinshasa signed an agreement in 2025 on a critical-minerals partnership aimed at deepening cooperation in resource development, infrastructure and economic security.