US Consortium Unable to Finalize $9 Billion Purchase of Glencore's Congo Copper and Cobalt Assets
A US-led consortium's $9 billion deal to acquire Glencore's copper and cobalt assets in the Congo is stalled due to unresolved claims by sanctioned billionaire Dan Gertler. The consortium, backed by Abu Dhabi's ADQ and the US DFC, aims to secure 40% of the Mutanda Mining and Kamoto Copper Company assets. Gertler's royalty claims are currently serviced in non-US currency, presenting a regulatory hurdle. Meanwhile, Glencore continues its portfolio restructuring, planning to sell its 70% stake in Kazzinc for $4-4.5 billion and reduce costs significantly by 2026.
The US-led Orion Critical Mineral Consortium's $9 billion deal for Glencore's copper and cobalt assets in the Congo is blocked by unresolved claims from sanctioned billionaire Dan Gertler. The consortium seeks to acquire 40% of Mutanda Mining and Kamoto Copper Company.
AI-curated by TheiaGertler's royalty claims, which are serviced in non-US currency to avoid sanction issues, represent a significant regulatory barrier. Glencore is also restructuring its portfolio, planning to sell its 70% stake in Kazzinc for $4-4.5 billion while targeting a $1 billion cost reduction by 2026.
The company reported a 2025 adjusted EBITDA of $13.5 billion, a 6% decrease from the previous year but a 49% recovery in the latter half. Share prices have risen 26% year-to-date, just below a 52-week high.
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