London, Feb 4, 2026, 07:50 GMT — Premarket
Glencore shares are under the spotlight ahead of Wednesday’s London session after the miner revealed it has signed a non-binding memorandum of understanding. The deal could hand a U.S.-backed group a 40% stake in its copper and cobalt operations in the Democratic Republic of Congo. The stock last closed at 517.30 pence, up 16.30 pence, according to Glencore’s share-price feed. (Investegate)
The timing is crucial as the Congo deal arrives amid ongoing takeover rumors and rising geopolitical tension around cobalt and copper. Mutanda and Kamoto are major sources of metals essential for electric vehicles and renewable energy. Rio Tinto must decide by Feb. 5 whether to formally pursue Glencore. (Reuters)
Investors are now grappling with another regulatory snag in Canada. Glencore announced it has put a hold on nearly $1 billion in planned investment at its Horne smelter in Quebec. The move follows a failure to obtain what it described as regulatory certainty on emissions, including arsenic limits. Chief operating officer Marc Bédard said the company had “worked in good faith and explored every option.” (Reuters)
Under the Congo memorandum, Orion CMC gains the right to appoint non-executive directors for the assets and control the sale of its production share to designated buyers, the company said. Mutanda and Kamoto will stay under Glencore’s management. The deal suggests a combined enterprise value near $9 billion — a figure that factors in debt — but still needs due diligence, final paperwork, and regulatory clearance. Glencore CEO Gary Nagle commented, “Through this partnership, we would be able to support the ambitions of the U.S. government and private sector with the supply of two critical minerals.” (Glencore)
The parties highlighted the size of the Congo operations. In 2025, Kamoto and Mutanda together churned out 247.8 thousand tonnes of copper and 33.5 thousand tonnes of cobalt, both in concentrates and hydroxides, according to a release posted on PR Newswire. (PR Newswire)
The takeover timeline is narrowing. According to Glencore, under the UK Takeover Code, Rio Tinto has until 5 p.m. London time on Feb. 5 to either declare a firm intention to bid or confirm it won’t make an offer. Any deadline extension requires approval from the Takeover Panel. (Glencore)
The “possible offer” label has triggered increased disclosure in the market. Geode Capital Management filed a Form 8.3, revealing its stake and transactions. This comes under rules obliging investors to report their holdings and trades during an offer scenario. (Investegate)
Glencore isn’t acting alone. European mining stocks gained ground Tuesday, riding a metal price bounce, with the basic resources sector climbing 4.2%, Reuters reports. (Reuters)
Glencore is gearing up for its next major update. The company plans to release its 2025 full-year results on Wednesday, Feb. 18, at 7 a.m. UK time. (Glencore)
That said, the Congo deal remains non-binding and hinges on due diligence, paperwork, and regulatory approvals. The takeover timeline offers no guarantee a bid will actually surface—if it falls through, shares will have to rely on fundamentals and commodity prices instead. (Financial Times)
Traders are focused on two key dates: the Feb. 5, 5 p.m. London deadline for Rio Tinto under takeover rules, and Glencore’s annual results due Feb. 18. Investors will be watching closely for new guidance and any hints on capital returns. (Rio Tinto)
