By: OrePulse

Orion CMC, a United States government-backed investment consortium, said in comments reported on October 23, 2026, that its agreement to acquire a stake in two Glencore-controlled copper-cobalt mining operations in the Democratic Republic of Congo has reached its final phases. The update came more than eight months after the consortium first disclosed the prospective arrangement.

Oskar Lewnowski, chief executive of Orion Resource Partners, one of the consortium's founding partners, gave the update on the transaction's progress in an interview. Lewnowski described the deal as being in its "final phases." Orion CMC first announced in February 2026 a preliminary agreement to take a 40% stake in Glencore's majority-owned stakes in the two copper-cobalt operations in the Democratic Republic of Congo. Lewnowski's comments mark the most recent public update on how that agreement is advancing toward completion, though he did not specify how much further the negotiations have to go before a final, binding agreement is signed.

If completed, the transaction would give Orion CMC and its government backers an equity position in mining assets that currently sit within Glencore's broader portfolio of Congolese copper-cobalt interests. The arrangement would not affect Glencore's majority ownership of the two operations, based on the 40% stake Orion CMC is seeking, according to the terms Lewnowski described.

Orion CMC was formed roughly a year ago with the stated aim of helping the United States and allied governments secure access to critical minerals. The consortium is working toward an eventual investment pool of five billion dollars, Lewnowski said.

The venture's founding partners are Orion Resource Partners, the U.S. International Development Finance Corporation and Abu Dhabi-based L'imad Holding. Saudi Arabia is also participating in the consortium, according to Lewnowski. He said he is in discussions with additional, unnamed Asian allies about joining the group, without naming specific countries or giving a timeline for any decision.

Asked about the broader rationale behind the consortium's mineral investments, Lewnowski said: "We're just looking to create a supply chain that doesn't allow for monopolistic behavior by any one country." He did not elaborate further on which country or companies he was referring to.

Beyond the Glencore transaction, Orion CMC is moving ahead with a planned equity investment in the Kabanga nickel project in Tanzania, which is being developed by Lifezone Metals Ltd., Lewnowski said. The consortium is also pursuing additional mining investments in Canada, Indonesia and Vietnam, though Lewnowski gave no further detail on the metals, companies or timelines involved in those plans.

A separate potential transaction to support Chemaf SA, a copper-cobalt producer in the Democratic Republic of Congo now owned by Virtus Minerals Inc., remains under consideration, Lewnowski said. He indicated, however, that Orion CMC's immediate focus is on completing the Glencore agreement rather than pursuing the Chemaf opportunity at this time. Lewnowski did not describe the scale or structure of any potential investment in Chemaf, nor did he give a timeline for when Orion CMC might decide whether to proceed.

The Democratic Republic of Congo is the world's second-largest copper producer and its single largest source of cobalt, Lewnowski noted. Companies based in China currently account for the majority of the country's output of both metals, he said. Lewnowski's comments linked that market position to the consortium's stated goal of broadening the group of countries involved in financing Congolese copper-cobalt output.

Lewnowski was also asked about a separate policy matter: proposed United States tariffs on imported copper. He said the current U.S. administration remains "fairly divided" over whether to proceed with such a measure. If the tariffs do not move forward, he said, the U.S. government could instead consider purchasing and stockpiling copper supplies already located within the United States. Lewnowski did not say when a decision on the tariffs might be reached, or how large a stockpiling program might be.

Lewnowski did not disclose a target date for finalizing the Glencore stake purchase.