How Does Orion's Acquisition Impact Mineral Supply Chains?

Glencore and the Orion Critical Mineral Consortium have entered a Memorandum of Understanding in a bid to increase strategic development capabilities.

This will provide Orion with strategic oversight into the operations of the assets, as well as strengthen relations between the US and the Democratic Republic of Congo.

This will mean a more secure critical mineral supply chain for the US.

The MoU

Glencore is a multinational commodity trading and mining company, producing and marketing more than 60 products which add value to everyday life.

It has assets in Kamoto Copper Company (KCC), which produces copper and cobalt hydroxide from one underground mine and two open pit mines, and Mutanda Mining (Mumi), which produces copper and cobalt from three open pit mines.

In 2025, they produced 247.8kt copper metal (which made up approximately 30% of the group's global output) and 33.5kt cobalt.

Now, Glencore and Orion CMC are undergoing a potential acquisition. The MoU will potentially see Orion CMC gain a 40% stake in Glencore's operations across its Democratic Republic of Congo (DRC) assets, Mumi and KCC. Through this, Mumi and KCC will gain a combined enterprise value of approximately US$9bn.

"This proposed partnership between Orion CMC and Glencore has the potential to bring significant returns for both the United States and the DRC," says Ben Black, CEO of US International Development Finance Corporation (DFC).

"Orion CMC’s potential investment would reflect the growing relationship between the US and the DRC, help secure a reliable source of critical minerals for the United States and our partners and drive economic opportunity and regional stability for the DRC.”

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Supply chain strategy

Through the acquisition, Orion CMC will be able to appoint non-executive directors to influence how assets are governed and will have a say of where its portion of the output is sold. This gives Orion CMC oversight rights and power to determine who the clients of copper and cobalt are, giving it strategic influence. 

This will be aligned with the US-DRC Strategic Partnership Agreement, allowing the United States and its partners to secure critical minerals for itself. Although Orion CMC will have this oversight, Mumi and KCC will still be managed under the Glencore Group. 

Gary Nagle, CEO of Glencore, adds: “We are pleased that the US government and Orion CMC have recognised Glencore’s role as the only major Western producer of copper and cobalt in the DRC, through our high-quality assets, Mumi and KCC. Through this partnership, we would be able to support the ambitions of the US government and private sector with the supply of two critical minerals.”

“The proposed transaction also represents a significant vote of confidence in the DRC government’s ongoing efforts to attract major foreign investment to the country and further develop its mining industry. As the world’s largest producer of cobalt and one of the largest copper producers, the DRC plays a vital role in supporting the technology, defense and critical infrastructure roll-out of today and the future.”

In December 2025, DFC stated it would pledge more than US$1bn into two significant projects as part of the US-DRC partnership.

This includes a venture between Gécamines and Mercuria Energy, focusing on copper and cobalt.

Part of the MoU includes plans to further expand Mumi and KCC between Glencore and Orion CMC, with the additional acquisition of critical mineral projects.

Oskar Lewnowski, Founder and Chief Executive Officer of Orion Resource Partners LP, adds: “This proposed transaction is exactly what Orion CMC was established to achieve – securing long-life, high-quality production of critical minerals while supporting resilient supply chains for the United States and its allies.

"It underscores both the scale of the opportunity and the strategic importance of the Consortium’s mission, and this partnership will create a strong platform from which Orion CMC can further develop critical mineral assets and pursue additional investment opportunities.

"We look forward to working closely with Glencore and US DFC to advance these shared ambitions.”

Advancing relations

Orion CMC was established in October 2025 and is led by Orion Resource Partners in partnership with the US government in order to support the US, its allies and partners. The aim is to develop secure, responsible and resilient supply chains for minerals which are critical for economic growth and security.

The current understanding still requires due diligence, regulatory approvals and documentation, but if this agreement goes ahead, it means stronger decision-making across minerals supply chains.

“The United States government is fully committed to the Washington Accords and ensuring peace, stability and prosperity throughout the entire Great Lakes region," comments US Deputy Secretary of State, Christopher Landau.

"This proposed transaction between Glencore and the US-backed Orion Critical Minerals Consortium reflects the core objectives of the US-DRC Strategic Partnership Agreement by encouraging greater US investment in the DRC’s mining sector and promoting secure, reliable, and mutually beneficial flows of critical minerals between our two countries.

"We look forward to continued close engagement with the DRC government to advance this transaction in a manner that delivers benefits for both our peoples and sets a positive example for future US investment.”

Through this acquisition, there will be a strengthening of US-DRC relations, as well as solidifying the supply of critical minerals to the US - which is particularly needed during the era of volatility and supply chain turbulence.