Orion CMC, a consortium backed by the US government and international investors, is in the final stages of a deal to acquire stakes in two major copper-cobalt operations owned by Glencore in the Democratic Republic of Congo (DRC).
Oskar Lewnowski, chief executive of mining investor Orion Resource Partners, said the transaction was nearing completion in an interview with Bloomberg Television. Orion Resource Partners is one of Orion CMC’s three founding members, alongside the US International Development Finance Corporation and Abu Dhabi’s L’imad Holding.
The consortium announced a preliminary agreement in February to acquire 40% stakes in Glencore’s majority interests in the two Congolese operations. The proposed investment forms part of a broader effort by the US and its partners to secure access to critical minerals and diversify supply chains.
Orion CMC was established in 2025 with the ambition of building an investment pool of up to $5 billion. Saudi Arabia is also involved in the initiative, while Lewnowski said discussions were under way with Asian partners about joining the group.
The consortium aims to reduce reliance on China for key mineral supplies. Lewnowski said its objective was to develop alternative supply chains rather than compete directly with China.
Consortium Expands Critical Minerals Portfolio
Beyond the Glencore transaction, Orion CMC is advancing discussions on an equity investment in Lifezone Metals’ Kabanga nickel project in Tanzania. The project is among several international opportunities being pursued as the consortium expands its presence in strategic minerals.
The group is also exploring mining investments in Canada, Indonesia and Vietnam.
A potential investment in Chemaf, a copper-cobalt producer in the DRC acquired by US-based Virtus Minerals, remains possible. However, Lewnowski indicated that completing the Glencore transaction is the consortium’s immediate priority.
DR Congo Remains Central to Global Mineral Supply
The DRC is the world’s second-largest copper producer and its leading source of cobalt, a key material used in rechargeable batteries and other industrial applications. Copper and cobalt are frequently extracted together in the country’s mineral-rich central African belt.
Chinese companies have a significant presence in both sectors, making the DRC a strategic focus for governments and investors seeking to diversify critical mineral supply chains.
The proposed Glencore deal would give Orion CMC exposure to major producing assets in a country central to global copper and cobalt markets.
Meanwhile, uncertainty over potential US tariffs on copper imports continues to influence market discussions. Lewnowski said the US administration remained divided over whether to proceed with the proposed measures. He added that, if tariffs were not introduced, the government could consider purchasing substantial quantities of copper already held in the United States and placing it into storage.