- WIADOMOŚCI
- ANALIZA
The US is reaching for Africa's riches. Will they take copper away from China?
On the 2nd of February the Orion Critical Mineral Consortium (Orion CMC) investment fund and mining giant Glencore have signed a non-binding agreement to acquire a 40% stake in Glencore’s assets in copper and cobalt mining projects in the Democratic Republic of Congo (DRC).
This information is particularly important in the context of Monday’s announcement by the United States of plans to create a critical raw materials warehouse called Project Vault. The Orion CMC fund is supported by the US government, and US Deputy Assistant Secretary of State Christopher Landau said that the proposed transaction “reflects the main objectives of the strategic partnership agreement between the US and the Democratic Republic of Congo” in the field of minerals.
An American counteroffensive?
Glencore reports that the potential agreement would involve Mutanda Mining (Mumi) and Kamoto Copper Company (KCC), which have a combined value of approximately $9 billion. Glencore’s stakes in the two companies are 95% and 70%, respectively.
Although both producers will continue to be managed within the Glencore Group, under the agreement, Orion CMC would have the right to appoint non-executive directors and commission the sale of part of the production to designated buyers, in accordance with the strategic partnership agreement between the US and the DR Congo (signed in December last year).
This is how Washington would secure part of its copper and cobalt supplies. The Orion CMC investment fund was created in 2025 by the Abu Dhabi state wealth fund ADQ and the US Development Finance Corporation (DFC), in partnership with Orion Capital Partners.
The goal? To facilitate access to critical raw materials and rare earth metals for Washington and its partners. The Orion CMC investment fund does not plan to pursue mining projects at the exploration stage. Instead, it focuses on initiatives at the production stage to increase the supply of critical raw materials to the global market.
The CEOs of Orion CMC and Glencore assured the benefits of cooperation between the United States and the Democratic Republic of Congo, as well as their contribution to ensuring “stable supply chains for critical raw materials for the US and its partners.”
According to the Financial Times, the deal (if finalized) will be the largest US investment in the DR Congo since 2016, when Freeport-McMoRan sold a controlling stake in its Congolese mines to the Chinese mining company CMOC.
In 2025, the United States added copper to its national list of critical raw materials. In recent months, prices for this widely used metal have skyrocketed, and international institutions and energy think tanks are warning of possible shortages.
Last year, Mumi and KCC produced a total of 247,800 tons of copper and 33,500 tons of cobalt in the form of concentrates and hydroxides. This accounts for almost 30% of Glencore’s total copper production.
