US-Backed Consortium Moves Closer to Acquiring Stake in Glencore’s DRC Copper-Cobalt Operations
A US-backed consortium is nearing the completion of a major investment in Glencore’s copper-cobalt operations in the Democratic Republic of Congo (DRC), a move that could reshape the ownership landscape of some of the world’s most strategically important critical mineral assets.
The transaction, which is reported to be in its final stages, involves Orion Critical Minerals Consortium (Orion CMC) acquiring a 40% stake in Glencore’s majority interests in two major mining operations in the DRC.
The deal forms part of broader efforts by the United States and its allies to strengthen access to critical minerals needed for the global energy transition.
Orion CMC was established in 2025 by Orion Resource Partners, the US International Development Finance Corporation (DFC) and Abu Dhabi-based investment group L’imad Holding.
The consortium was created to support strategic mining investments around the world and ultimately aims to mobilise up to US$5 billion for critical minerals projects.
Speaking on Bloomberg Television, Orion Resource Partners Chief Executive Officer Oskar Lewnowski said the proposed acquisition had entered its final phases, signalling growing momentum behind Western efforts to diversify critical mineral supply chains.
The consortium has attracted interest from a number of international partners, including Saudi Arabia, while discussions are also underway with potential partners in Asia.
According to Lewnowski, the objective is to establish more balanced and resilient mineral supply chains rather than directly challenge China’s dominant position in the sector.
The DRC is central to that strategy
The Central African nation is the world’s second-largest producer of copper and the leading producer of cobalt, a key ingredient in rechargeable batteries used in electric vehicles and energy storage systems.
Over the past decade, Chinese mining companies have secured significant positions across the country’s copper and cobalt sectors, giving them considerable influence over global supply.
Against this backdrop, Western governments and investors have intensified efforts to secure access to the minerals required for clean energy technologies, advanced manufacturing and strategic industries.
The Glencore transaction is viewed as one of the most significant initiatives under that strategy to date. Among the assets involved is Mutanda, widely regarded as the world’s largest cobalt mine and one of the DRC’s most valuable mining operations. The mine accounts for a substantial share of global cobalt production and remains a critical source of supply for international markets.
Beyond Congo, Orion CMC is actively exploring investment opportunities in several other mining jurisdictions.
The consortium is advancing discussions regarding a potential investment in Lifezone Metals’ Kabanga nickel project in Tanzania and is also evaluating opportunities in Canada, Indonesia and Vietnam.
Industry analysts view these investments as part of a growing trend among governments, development finance institutions and private investors seeking to establish secure supply chains for minerals that are essential to the global energy transition.
The consortium has also previously expressed interest in supporting Chemaf, the DRC-based copper and cobalt producer recently acquired by Virtus Minerals.
While discussions around that transaction remain ongoing, Orion CMC’s immediate focus appears to be finalising the Glencore deal.
The proposed acquisition highlights the DRC’s increasingly strategic role in the global mining industry as demand for copper, cobalt, nickel and other energy-transition minerals continues to rise.
Should the transaction be completed, it would represent one of the most significant recent Western-backed investments in the DRC’s mining sector and further underscore the country’s growing importance in the race to secure critical mineral supplies for the decades ahead.
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