Rio Tinto formally ended discussions with Glencore on Feb. 5, 2026 over a potential merger or other combination after the parties failed to reach an agreement. The Anglo-Swiss group confirmed the decision shortly afterwards. Under the UK Takeover Code, Rio Tinto is now restricted from making a new offer in the near term, except under limited circumstances.

Glencore said it is now focusing on executing its 2026 priorities, including meeting operational targets, de-risking its portfolio and pursuing organic growth.

Democratic Republic of Congo

In the Democratic Republic of Congo (DRC), where Glencore controls the Mutanda Mining (Mumi) and Kamoto Copper Company (KCC) copper and cobalt mines, this strategic focus has increased the relevance of a proposed partnership with the Orion Critical Mineral Consortium (Orion CMC). Based on details disclosed so far, the proposed transaction aligns with Glencore’s 2026 priorities and would involve neither a change of control nor operational disruption. Instead, it would provide a capital injection and risk-sharing to support the development of existing assets and potentially fund new acquisitions.

The Orion option is outlined in a non-binding memorandum of understanding announced on Feb. 3, 2026. It envisages the acquisition by the U.S.-backed consortium of 40% of Glencore’s interests in Mumi and KCC, based on a combined enterprise value of about $9 billion, including debt.

Capital structure

Under the proposed capital reconfiguration, Glencore would remain the majority shareholder, with a 57% stake in Mumi and 42% in KCC, alongside Orion CMC with 38% and 28%, the Congolese state with 5% of Mumi, and state miner Gécamines with 30% of KCC.

The framework would allow Orion CMC to appoint non-executive directors and to direct the sale of its share of production to designated buyers, in line with the strategic partnership between the United States and the DRC. Glencore would retain operational control of the mines.

The transaction remains subject to due diligence, the signing of binding documentation and the receipt of regulatory approvals. Completion would also depend on governance arrangements and approvals from Congolese shareholders. Glencore and Orion said they intend to work with the government and Gécamines.

Pierre Mukoko