JOHANNESBURG — The global race for control of critical minerals intensified this week after commodities giant Glencore agreed to sell a 40% stake in two of its major Democratic Republic of Congo (DRC) mining operations to a U.S. government-backed consortium, underscoring Washington’s growing urgency to secure supply chains in strategic metals.
The non-binding agreement involves Glencore’s Mutanda Mining (Mumi) and Kamoto Copper Company (KCC) — key producers of copper and cobalt, minerals essential for electric vehicles, defence technologies and renewable energy infrastructure. The deal values the two mines at approximately US$9 billion including debt, according to the companies.
In a joint statement, the parties said: “Glencore and the Orion Critical Mineral Consortium (‘Orion CMC’) announce that they have entered into a non-binding Memorandum of Understanding in relation to a potential acquisition by Orion CMC of a 40% stake in Glencore’s interests in its Democratic Republic of Congo (‘DRC’) assets, Mutanda Mining (‘Mumi’) and Kamoto Copper Company (‘KCC’). The transaction is expected to imply a combined enterprise value for Mumi and KCC of around $9 billion.”
The move reflects a broader geopolitical shift as the United States and China compete for influence over Africa’s vast mineral wealth, which includes not only copper and cobalt, but also gold, silver, lithium, rare earths and other base metals crucial to the global energy transition.
Washington’s Strategic Play
Orion CMC was established in late 2025 with backing from U.S. government-linked institutions and private investors, with a mandate to build “secure, responsible and resilient” supply chains for minerals considered vital to national security and industrial competitiveness.
The consortium’s involvement gives Washington a more direct foothold in the Central African Copperbelt, a region long dominated by Chinese state-linked mining firms that have invested billions of dollars in infrastructure-for-resources deals over the past two decades.
U.S. Deputy Secretary of State Christopher Landau framed the proposed transaction in strategic terms, saying it aligned with Washington’s partnership goals with Kinshasa and would help ensure reliable mineral flows between the two countries.
Development finance officials also emphasised that the deal could stimulate economic opportunity in the DRC while strengthening Western access to materials critical for battery manufacturing and advanced electronics.
China’s Long Shadow in African Mining
China remains the dominant foreign player in Congo’s cobalt sector and a major force in copper production across Africa, South America and Asia. Through a mix of state-backed financing, infrastructure development and long-term offtake agreements, Chinese firms have secured positions across the mineral supply chain — from extraction to refining.
Analysts say the Glencore–Orion deal signals that the U.S. is now prepared to compete more directly, moving beyond diplomatic engagement to structured investment partnerships designed to counterbalance Beijing’s influence.
“This is not just a mining transaction — it’s part of a wider strategic contest over who controls the materials that will power the next industrial era,” said one Africa-focused mining analyst.
Glencore’s Position
For Glencore, the agreement provides an opportunity to share financial and political risk in one of the world’s most resource-rich but complex jurisdictions. The company will remain the operator of both Mumi and KCC, while Orion CMC is expected to gain board representation and influence over certain production offtake arrangements.
Glencore CEO Gary Nagle said the partnership would support Western efforts to secure access to copper and cobalt while maintaining the company’s operational role in the DRC.
A Broader Global Scramble
The deal comes amid a worldwide surge in government-backed mineral diplomacy. The U.S., European Union, China, and Gulf states are all expanding investments and strategic partnerships across Africa, Latin America and Central Asia, seeking long-term access to resources that underpin electric mobility, semiconductors, aerospace, and defence industries.
With demand for copper alone projected to soar in the coming decade, control over deposits like those in the DRC is increasingly viewed not just as a commercial advantage, but as a matter of geopolitical leverage.
If completed, the Glencore–Orion transaction would mark one of the most significant Western-backed entries into Central Africa’s mining sector in years — and a clear signal that the contest for the world’s mineral future is accelerating.
