Glencore’s Congo Copper Mine Agrees Land Deal to Boost Output

Glencore Plc reached an agreement with the Democratic Republic of Congo’s state mining company over a land package that the commodity giant said will increase production at its Kamoto Copper Co.Author of the article:You can save this article by registering for free here. Or sign-in if you have an account.(Bloomberg) — Glencore Plc reached an agreement with the Democratic Republic of Congo’s state mining company over a land package that the commodity giant said will increase production at its Kamoto Copper Co.Subscribe now to read the latest news in your city and across Canada.Subscribe now to read the latest news in your city and across Canada.Create an account or sign in to continue with your reading experience.Create an account or sign in to continue with your reading experience.KCC will lease “a comprehensive package of long-term mining titles and leases” from state-owned Gecamines, Glencore said in a statement on Wednesday. The deal will allow the subsidiary to expand its tailings storage facility and waste dump capacities, it said.“This agreement will allow us to unlock the full potential of KCC,” Mark Davis, Glencore’s chief operating officer for Africa, said in the statement. The additional land in the mining hub of Kolwezi will help KCC reach its annual copper output target of 300,000 tons and extend the asset’s life into the mid-2040s, according to Davis. Glencore owns 70% of KCC, which produced about 190,000 tons of copper last year. Mining executives are looking to bulk up in copper as prices have recently surged to record highs. Demand for the metal is expected to soar with electrification and the broader energy transition.Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againInterested in more newsletters? Browse here.Gecamines will keep the rights to any copper and cobalt extracted from within the leased land package, the statement said. KCC has been trying to finalize the land deal for years. A previous agreement announced in 2019 for the Glencore unit to acquire the titles outright for $250 million was never completed. The new arrangement is likely to close in the coming months, according to the statement.Glencore also controls a second copper-cobalt mine in Congo called Mutanda Mining. Orion CMC — an investment vehicle with backing from the state-owned US International Development Finance Corp. — this month announced a preliminary deal to buy minority stakes in both assets. Postmedia is committed to maintaining a lively but civil forum for discussion. Please keep comments relevant and respectful. Comments may take up to an hour to appear on the site. You will receive an email if there is a reply to your comment, an update to a thread you follow or if a user you follow comments. Visit our Community Guidelines for more information.365 Bloor Street East, Toronto, Ontario, M4W 3L4© 2026 Financial Post, a division of Postmedia Network Inc. All rights reserved. Unauthorized distribution, transmission or republication strictly prohibited.This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.You can manage saved articles in your account.and save up to 100 articles!You can manage your saved articles in your account and clicking the X located at the bottom right of the article.