London, Feb 12, 2026, 08:25 GMT — Regular session
- Glencore shares were up about 0.3% in early London trade.
- A U.S.-backed consortium is in talks to buy a stake in Glencore’s Congo copper and cobalt operations, a Reuters column said on Wednesday.
- Investors are also positioning ahead of Glencore’s full-year results next week.
Glencore shares rose early on Thursday, up 1.4 pence at 504.3 pence, as investors weighed fresh attention on its Congo copper and cobalt assets ahead of the miner-trader’s results next week. 1
The move matters now because Glencore has become a litmus test for two big themes in the sector: the scramble for “critical minerals” supply and what big miners do with cash when commodity prices swing. Its marketing arm also makes the stock trade differently to pure-play miners.
A Reuters Open Interest column on Wednesday said a consortium led by Orion Resource Partners and the U.S. International Development Finance Corp was in talks to buy a 40% stake in Glencore’s copper and cobalt operations in the Democratic Republic of Congo, as Washington steps up efforts to lock in supply. 2
Glencore said on Feb. 3 it had signed a non-binding memorandum of understanding with the Orion Critical Mineral Consortium on a potential 40% stake sale in its interests in Mutanda Mining and Kamoto Copper Company, implying a combined enterprise value of about $9 billion. Chief executive Gary Nagle called it “a significant vote of confidence” in the group’s Congo footprint, while Orion chief executive Oskar Lewnowski said the deal would help secure “long-life, high-quality” output. The company said any transaction would still need due diligence, binding documents and any required approvals. 3
Copper prices have been a steady undertow for the sector this week. LME cash copper settled at $13,327 a tonne on Feb. 11, up from $13,002 the day before, according to Westmetall data. 4
Glencore’s shares are sensitive to both base metals and sentiment around supply chains, especially for copper and cobalt. That makes any sign of U.S. involvement in Congo flows worth watching, even if the immediate price move is small.
But the downside case is straightforward: deals in the Congo can slip on politics, permitting and partner negotiations, and commodity prices can turn quickly if demand cools or inventories build. Any stumble would land awkwardly so close to results.
Next up is Glencore’s 2025 full-year results on Wednesday, Feb. 18, with a webcast later that morning, when investors will look for updates on the Congo talks alongside cash returns and guidance. 1
