Orion CMC nears investment in Glencore’s DRC mining assets

The Orion Critical Minerals Consortium (Orion CMC) is in the final stages of negotiating a significant investment in copper and cobalt operations in the Democratic Republic of Congo (DRC). The consortium, which includes Orion Resource Partners, the US International Development Finance Corporation (DFC), and Abu Dhabi-based L’imad Holding, is seeking a 40% stake in Glencore’s majority interests in Mutanda Mining and Kamoto Copper Company.

These DRC assets, which have a combined enterprise value estimated at approximately $9 billion, are vital to the global energy transition due to their production of cobalt and copper. The move is part of a broader strategic effort by the United States and its partners to diversify and secure critical mineral supply chains.

In addition to the DRC negotiations, Orion CMC is engaged in advanced discussions regarding the Kabanga nickel and cobalt project in Tanzania with Lifezone Metals. The consortium aims to mobilize up to $5 billion for critical mineral projects globally to foster more resilient supply chains.