Global miner and commodity trader Glencore has confirmed that it turned down an unsolicited bid for its operations in the Democratic Republic of Congo (DRC) at the end of last year.
“Glencore has not engaged any banks or advisors and is not running a sale process for its operations in the DRC,” a company spokesperson stated via email.
Earlier reports from the Financial Times suggested that Glencore had considered divesting part or all of its Congolese assets and had held preliminary talks with a Middle Eastern buyer regarding its copper and cobalt mines. However, when contacted by Reuters, Glencore declined to disclose the buyer’s identity.
Following the FT report, shares of the FTSE 100-listed company surged by up to 4.8%, though they remain nearly 9% lower over the past year.
The mining industry has witnessed a wave of deal-making as companies compete for key metals like copper, which are vital for the global clean energy transition.
As one of the world’s top producers of coal and base metals, Glencore has previously expressed openness to mergers and acquisitions that enhance shareholder value.
Last year, the company proposed a merger with Rio Tinto’s copper business to create the world’s largest publicly traded miner, but negotiations fell through. Similarly, BHP’s $49 billion bid for Anglo American collapsed due to structural concerns, and reports later suggested that Glencore had explored a potential tie-up with Anglo American following BHP’s approach.
Despite the ongoing consolidation in the mining sector, Glencore remains firm in its decision not to sell its DRC assets at this time.
