Orion Formalizes Interest in Glencore’s Mines in DRC

On 3 February 2026, Orion Critical Mineral Consortium inked a Memorandum of Understanding (MoU) with Glencore with a view to acquire 40% of Glencore’s mining interests in the Democratic Republic of Congo. Glencore is the main shareholder in the Kamoto Copper Company and Mutanda Mining, and these assets are valued at around USD 9 billion.

The deal would allow Orion to secure #CriticalMinerals for the US and its allies. In addition to expanding the Mumi and Kamoto mines, the funds could also be applied to acquire additional mineral assets in DRC and the wider #Copperbelt region.

Orion Founder and CEO Oskar Lewnowski underlined the strategic nature of the deal, which reflects exactly the raison d’etre of his firm. The deal would greatly contribute to a more resilient supply chain for the United States. Glencore CEO Gary Nagle sees this potential partnership as a recognition of his company’s key role in the #Copper and #Cobalt production in the DRC.

As a matter of fact, the US International Development Finance Corporation (DFC) stands ready to provide financial support for the deal to go through. DFC CEO Ben Black noted the involvement of the US Government will help derisk the project and act as a magnet to crowd more capital into the venture.

US Deputy Secretary of State Christopher Landau underscored the importance of the Washington Accords as a basis for bringing peace, stability and prosperity in the Great Lakes region. He also underlined that the transaction falls under the umbrella of the USA-DRC Strategic Partnership Agreement and has the full support of the Trump Administration.

However, the MoU is non-binding and the transaction is subject to necessary due diligence and applicable regulatory approvals. State-owned Gecamines is also a stakeholder and its interests will have to be factored in, as the DRC pushes for more local value addition (#LVA). Assuming smooth sailing, the deal is expected to close by the end of 2026.