Keypoints:
- US-backed fund targets major DR Congo mining assets
- Deal tied to Washington’s critical minerals strategy
- Copper and cobalt security reshapes global supply chains
A US-BACKED investment fund has signed a non-binding agreement with mining giant Glencore to acquire a 40 percent stake in major copper and cobalt operations in the Democratic Republic of Congo (DRC), signalling a renewed American push to secure critical mineral supplies.
The February 2 agreement involves the Orion Critical Mineral Consortium (Orion CMC), an investment vehicle supported by the United States government, and Glencore’s interests in Mutanda Mining (Mumi) and Kamoto Copper Company (KCC), two of the country’s most strategically significant mining projects.
If completed, the transaction would strengthen US-linked access to minerals essential for electric vehicles, renewable energy infrastructure and advanced industrial technologies.
Strategic minerals move gathers pace
The proposed deal represents one of the most consequential US-associated investments in the DRC’s mining sector in nearly a decade. It comes as Washington intensifies efforts to secure reliable copper and cobalt supplies increasingly viewed as vital to economic security and industrial policy. Analysts say the agreement reflects a broader shift toward direct participation in mineral production as geopolitical competition over strategic resources accelerates.
Assets valued at about $9bn
Glencore said the potential agreement covers its stakes in Mutanda Mining and Kamoto Copper Company, which together are valued at nearly $9bn. The company currently owns 95 percent of Mumi and 70 percent of KCC.
Both operations would remain under Glencore’s management structure should the deal proceed. However, Orion CMC would obtain governance rights, including appointing non-executive directors and influencing the sale of portions of production to designated buyers aligned with the US–DRC strategic minerals partnership signed in December last year.
The structure highlights a growing investment model focused on securing supply flows and commercial influence rather than operational control of mining assets.
Linked to US ‘Project Vault’ initiative
The announcement follows Washington’s plans to establish a critical raw materials stockpiling system known as Project Vault. US Deputy Assistant Secretary of State Christopher Landau said the proposed investment reflects the objectives of the strategic partnership agreement between the United States and the DRC in the minerals sector.
The Orion CMC fund was established in 2025 through cooperation between Abu Dhabi sovereign wealth fund ADQ, the US International Development Finance Corporation (DFC) and Orion Capital Partners. The fund concentrates on investing in producing assets rather than exploration-stage projects, aiming to expand global availability of critical raw materials.
Executives from Orion CMC and Glencore said the partnership would help ensure ‘stable supply chains for critical raw materials’ for the United States and allied economies.
Washington re-enters a strategic mining arena
According to the Financial Times, the transaction — if finalised — would mark the largest US investment in the DRC since 2016, when Freeport-McMoRan sold a controlling stake in its Congolese mining operations to Chinese company CMOC.
The move underscores Washington’s effort to rebuild influence in a sector where Chinese-backed firms have expanded rapidly over the past decade. Rather than pursuing new exploration projects, the emerging strategy centres on partnerships with established producers capable of delivering immediate supply volumes.
In 2025, the United States added copper to its national list of critical raw materials, reflecting surging demand driven by electrification, artificial intelligence infrastructure and defence manufacturing.
Rising demand sharpens supply concerns
Copper prices have risen sharply in recent months amid warnings from international institutions and energy analysts about potential global shortages. Cobalt production remains heavily concentrated in the DRC, reinforcing the country’s central role in global battery supply chains.
Last year, Mutanda and KCC produced a combined 247,800 tonnes of copper and 33,500 tonnes of cobalt in concentrates and hydroxides, accounting for nearly 30 percent of Glencore’s total copper output.
As governments increasingly treat critical minerals as strategic assets rather than purely commercial commodities, investments linking state-backed finance with operating mines are expected to define a new phase of global resource diplomacy.
