On this week’s Funding Friday, Mining.com.au is focusing on the northern hemisphere, with companies securing acquisition deals, as well as potential investment and contracts to advance projects.
Glencore (LSE:GLEN) and US-backed Orion Critical Mineral Consortium have entered into a non-binding memorandum of understanding (MoU) for Orion to acquire a 40% stake in Glencore’s Democratic Republic of Congo (DRC) assets.
The transaction is expected to imply a combined enterprise value for Mutanda Mining and Kamoto Copper Company of around US$9 billion ($12.81 billion).
Kamoto is a copper and cobalt producer located in Kolwezi in the province of Lualaba. It comprises two open pit mines, one underground mine, the Kamoto concentrator, and the Luilu refinery.
Mutanda is an integrated producer of copper and cobalt in the DRC, operating three open pit mines that provide the raw ore that feeds its copper and cobalt production facilities.
Both companies are looking for opportunities to expand and develop Mutanda and Kamoto, working with the DRC Government and Gécamines – Glencore’s existing partner in Kamoto. The companies are also looking to acquire additional critical mineral projects and assets in the DRC and the African copper belt more broadly.
The transaction remains subject to due diligence, executing legally binding documentation, and any applicable regulatory approvals.
Glencore CEO Gary Nagle says through this partnership, the company is able to support the ambition of the US Government and private sector with the supply of two critical minerals.
“The proposed transaction also represents a significant vote of confidence in the DRC Government’s ongoing efforts to attract major foreign investment to the country and further develop its mining industry,” Nagle says.
“As the world’s largest producer of cobalt and one of the largest copper producers, the DRC plays a vital role in supporting the technology, defence and critical infrastructure roll-out of today and the future.”
Established in October 2025 and led by Orion Resource Partners in partnership with the US Government, Orion Critical Mineral Consortium is designed to support the US and its allied and partner nations to develop secure, responsible, and resilient supply chains for critical minerals that underpin future economic growth and security.
JOGMEC investment
Meanwhile, NextSource Materials (TSX:NEXT) executed a letter of intent with Hanwa (TYO:8078) and Japan Organization for Metals and Energy Security (JOGMEC) for a potential US$30 million ($42.72 million) investment.
The investment will support NextSource’s phase one of a proposed battery anode facility in Abu Dhabi in the United Arab Emirates.
Under the agreement, Hanwa and JOGMEC will consider a project-level investment of up to US$30 million through a special-purpose vehicle jointly owned by the two companies. The investment is anticipated to represent up to 15% equity interest in the project.
Phase one of the battery anode facility is proposed to have an initial production capacity of 14,000 tonnes per year of natural graphite active anode material – forming part of a staged development strategy targeting 30,000 tonnes per year.
The letter of intent is non-binding and subject to customary conditions, including completing final due diligence, regulatory approvals, and internal approvals. The companies have agreed to an exclusivity period until 31 March 2026, during which time NextSource will not engage in discussions with other Japanese entities regarding similar investments in the project.
NextSource is continuing to advance parallel workstreams to reach a final investment decision by the end of Q1 2026, supported by strong progress in front-end engineering and design with an engineering partner Stantec.
Awarding contracts
Electra Battery Materials (TSX-V:ELBM) has also awarded a US$6.1 million contract to EXP Services, to provide engineering, project management, and construction management services during the construction phase of the Ontario battery material refinery project.
The partnership enhances Electra’s project execution capabilities as the company advances North America’s first cobalt refinery toward mechanical completion and commissioning in 2027.
Mechanical completion of the refinery is targeted for completion in H1 2027, with commissioning and production in the months that follow.
Once fully operational, the facility is anticipated to produce 5,100 tonnes of cobalt per year in a battery-grade cobalt sulphate.
Subsequently, the facility is expected to expand to 6,500 tonnes of contained cobalt in sulphate per year.
Write to Aaliyah Rogan at Mining.com.au
Images: Glencore
