A US government-backed consortium has nearly completed buying stakes in Glencore’s copper-cobalt mines in the Democratic Republic of Congo.
Orion CMC, formed a year ago with a $5bn target to help the US and its allies secure minerals, agreed in February to buy 40% of Glencore’s majority holdings in two Congolese operations. The deal is in its final stages, Oskar Lewnowski, CEO of Orion Resource Partners, told Bloomberg Television.
Orion Resource Partners founded the venture with the US International Development Finance Corp and Abu Dhabi’s L’imad Holding. Saudi Arabia is also involved, and talks are under way with Asian allies, Lewnowski said.
The group, which aims to cut reliance on China, is pursuing an equity stake in Lifezone Metals’ Kabanga nickel project in Tanzania, plus deals in Canada, Indonesia and Vietnam. Backing Congolese miner Chemaf, now owned by Virtus Minerals, remains possible, he added.
Chinese firms dominate output in Congo, the second-largest copper producer and top cobalt source.
Lewnowski said the Trump administration was divided on copper tariffs. Without them, Washington might buy and store metal already in the US.