Glencore

Major Corridor Mining and Trading Presence

Official website: www.glencore.com

Key Personnel

Mine Operations

• Mutanda
• Kamoto Kcc

Overview

Glencore is a major diversified natural resource company and a major corporate actor in the Lobito Corridor ecosystem. From its headquarters in Baar, Switzerland, Glencore operates as both a major mining producer and commodity trader, giving it significant influence over how African minerals move from mine to global market.

In the Democratic Republic of Congo, Glencore operates the Kamoto Copper Company (KCC) and Mutanda Mining — two of the largest copper-cobalt operations on the planet. Combined, these mines produced 247,800 tonnes of copper and 33,500 tonnes of cobalt in 2025, representing roughly 29% of Glencore's global copper output. The company describes itself as "the only major Western producer of copper and cobalt in the DRC."

Glencore's Geneva-area commodity trading operations handle substantial volumes of African minerals, placing it at the nexus of production, logistics, and global commodity markets. This dual role — miner and trader — gives Glencore significant influence over corridor commercial dynamics.

Corridor Operations

Kamoto Copper Company (KCC)

KCC operates two open pit mines and one underground mine in the Lualaba Province, producing copper cathode and cobalt hydroxide. In 2025, KCC produced 188,700 tonnes of copper and 22,900 tonnes of cobalt. The operation is a joint venture between Glencore (75%) and the DRC state mining company Gécamines, with the DRC state also holding an interest through the KCC structure.

In early 2026, Glencore finalised the KCC land access package with Gécamines, unlocking life-of-mine extensions, productivity improvements, and a pathway to approximately 300,000 tonnes per annum of copper production. This expansion is central to Glencore's stated copper growth ambition, targeting 1 million tonnes annualised by end of 2028 and approximately 1.6 million tonnes by 2035.

Mutanda Mining

Mutanda operates three open pit mines producing copper and cobalt. The mine was placed on care and maintenance in late 2019 due to low cobalt prices and was restarted in 2022. In 2025, Mutanda contributed approximately 59,100 tonnes of copper and 10,600 tonnes of cobalt to Glencore's DRC output.

Both KCC and Mutanda achieved The Copper Mark in 2025, following comprehensive assessments against 33 globally recognised criteria for responsible mining.

Commodity Trading

From Geneva, Glencore's trading division markets copper, cobalt, zinc, and other metals sourced from DRC and Zambia operations. The company's trading infrastructure — warehousing, logistics, financing, and market access — shapes how corridor minerals reach end users globally. Glencore's marketing Adjusted EBIT was guided around the midpoint of $2.3–3.5 billion for 2025.

Strategic Developments

Orion Critical Mineral Consortium ($9 Billion Deal)

On 3 February 2026, Glencore announced a non-binding Memorandum of Understanding with the US-backed Orion Critical Mineral Consortium (Orion CMC) for the potential acquisition of a 40% stake in both KCC and Mutanda. The transaction implies a combined enterprise value of approximately $9 billion.

Orion CMC, established in October 2025 and led by Orion Resource Partners with US DFC participation ($1.8 billion initial capital commitments), would gain the right to appoint non-executive directors and direct the sale of its share of production to nominated buyers — securing critical minerals for the United States and its allies under the US-DRC Strategic Partnership Agreement.

Glencore would continue to manage both operations. The companies also committed to exploring opportunities to expand KCC and Mutanda, acquire additional critical mineral assets in the DRC and broader African copper belt, working with the DRC Government and Gécamines. The deal is a major proposed US-aligned critical minerals investment in the DRC, but remains subject to definitive documentation and completion risk.

Cobalt Export Quotas

The DRC's cobalt export ban (February 2025) and subsequent quota system (October 2025) significantly impacts Glencore's operations. KCC and Mutanda did not export any cobalt in Q4 2025 due to approval delays, though unused 2025 quotas were carried forward to March 2026.

Glencore has stated that the DRC quota regime limits cobalt exports relative to site capacity and that its DRC assets are prioritising copper production where commercially sensible. Surplus cobalt may be held in-country until export approvals and quotas allow shipment.

Rio Tinto Talks Ended

Rio Tinto announced on 5 February 2026 that discussions with Glencore had ended without agreement. The corridor-relevant active transaction is the non-binding Orion CMC memorandum of understanding covering a potential 40% stake in Glencore's DRC interests in KCC and Mutanda.

ESG Profile and Controversies

Glencore's ESG record in the corridor region is among the most complex and contested of any corridor actor. The company has faced multiple legal proceedings related to its DRC operations, including a 2022 guilty plea to charges of bribery and market manipulation in the United States and United Kingdom, resulting in penalties exceeding $1.5 billion. The DRC-related charges involved payments to secure access to mining assets and favourable regulatory treatment — precisely the type of corruption that undermines equitable corridor development.

Environmental management at Kamoto (KCC) and Mutanda has generated community complaints regarding water quality, air pollution from smelting operations, and tailings management. The 2019 acid spill at KCC contaminated water sources used by communities downstream, triggering emergency response and compensation claims that remained unresolved for over a year. Public-source review documents ongoing environmental concerns at both sites that corporate sustainability reports may understate.

Labour practices at Glencore's DRC operations reflect the broader tensions in the corridor mining sector between international standards and local implementation realities. The company reports compliance with international labour standards and has achieved Copper Mark certification at some operations. However, subcontractor labour conditions, artisanal mining interactions at concession boundaries, and security force conduct remain areas where independent monitoring reveals gaps between corporate policy and ground-level practice.

Glencore's Geneva trading operations add a supply chain dimension to its corridor presence. As both producer and trader of corridor minerals, the company controls multiple points in the value chain from mine to market. This vertical integration creates efficiencies but also concentrates power and reduces the transparency that competitive markets provide. Our monitoring tracks both production-side and trading-side ESG performance.

Community Relations

Community relations around Glencore's DRC operations are characterised by a fundamental power asymmetry. The company's KCC operations are located in and around Kolwezi, a city of over 700,000 people whose economy is dominated by mining activity. Mutanda operations affect communities in the broader Copperbelt region. In both cases, communities' economic dependence on mining employment and procurement creates dynamics where grievances may be suppressed rather than resolved.

Community development programmes funded by Glencore include health facilities, educational infrastructure, and water supply projects. The company reports significant community investment spending. Our assessment evaluates whether these investments address community-identified priorities or company-selected projects, whether they are proportionate to the value extracted, and whether they create sustainable capacity or dependency. The distinction between community investment as genuine benefit-sharing and community investment as reputation management is central to our evaluation.

Artisanal mining interactions represent a persistent challenge. Thousands of artisanal miners operate within or adjacent to Glencore concession boundaries. Company security responses to artisanal mining incursions have generated human rights concerns documented by international organisations. Our monitoring tracks security incidents, evaluates proportionality of responses, and assesses whether the company's artisanal mining engagement strategy prioritises coexistence over confrontation.

ESG Profile and Controversies - Corridor Context

Glencore's ESG record in the corridor region is among the most complex and contested of any corridor actor. The company has faced multiple legal proceedings related to its DRC operations, including a 2022 guilty plea to charges of bribery and market manipulation in the United States and United Kingdom, resulting in penalties exceeding $1.5 billion. The DRC-related charges involved payments to secure access to mining assets and favourable regulatory treatment — precisely the type of corruption that undermines equitable corridor development.

Environmental management at Kamoto (KCC) and Mutanda has generated community complaints regarding water quality, air pollution from smelting operations, and tailings management. The 2019 acid spill at KCC contaminated water sources used by communities downstream, triggering emergency response and compensation claims that remained unresolved for over a year. Public-source review documents ongoing environmental concerns at both sites that corporate sustainability reports may understate.

Labour practices at Glencore's DRC operations reflect the broader tensions in the corridor mining sector between international standards and local implementation realities. The company reports compliance with international labour standards and has achieved Copper Mark certification at some operations. However, subcontractor labour conditions, artisanal mining interactions at concession boundaries, and security force conduct remain areas where independent monitoring reveals gaps between corporate policy and ground-level practice.

Glencore's Geneva trading operations add a supply chain dimension to its corridor presence. As both producer and trader of corridor minerals, the company controls multiple points in the value chain from mine to market. This vertical integration creates efficiencies but also concentrates power and reduces the transparency that competitive markets provide. Our monitoring tracks both production-side and trading-side ESG performance.

Community Relations - Corridor Context

Community relations around Glencore's DRC operations are characterised by a fundamental power asymmetry. The company's KCC operations are located in and around Kolwezi, a city of over 700,000 people whose economy is dominated by mining activity. Mutanda operations affect communities in the broader Copperbelt region. In both cases, communities' economic dependence on mining employment and procurement creates dynamics where grievances may be suppressed rather than resolved.

Community development programmes funded by Glencore include health facilities, educational infrastructure, and water supply projects. The company reports significant community investment spending. Our assessment evaluates whether these investments address community-identified priorities or company-selected projects, whether they are proportionate to the value extracted, and whether they create sustainable capacity or dependency. The distinction between community investment as genuine benefit-sharing and community investment as reputation management is central to our evaluation.

Artisanal mining interactions represent a persistent challenge. Thousands of artisanal miners operate within or adjacent to Glencore concession boundaries. Company security responses to artisanal mining incursions have generated human rights concerns documented by international organisations. Our monitoring tracks security incidents, evaluates proportionality of responses, and assesses whether the company's artisanal mining engagement strategy prioritises coexistence over confrontation.

Corridor Investment & Deal Involvement

• US DFC Corridor Finance Watch
• EU Global Gateway EUR 2B

Key Leadership Profiles

• Glencore Ceos