Swiss multinational Glencore, a global leader in raw material extraction and marketing, has unveiled exciting projections in its 2024 reserves and resources report. According to the company, the Mutanda mine—located just 40 kilometers from Kolwezi in the Democratic Republic of Congo (DRC)—is sitting on an impressive treasure trove of copper and cobalt reserves, valued at an eye-popping $72 billion.
In mining, resource assessments are broken down into three key categories: measured reserves, which are highly reliable; indicated reserves, which are dependable but still need further validation; and inferred reserves, which are more speculative.
For Mutanda, Glencore’s latest data reveals measured reserves of 197 million tonnes of ore, boasting a copper grade of 1.94%, translating to a total of 3.8 million tonnes of copper. In cobalt, the mine holds 1.2 million tonnes, with a grade of 0.61%. When pegged against the current market value of ores scheduled for delivery by February 2026, the copper is valued at $41 billion, while the cobalt is estimated at $31 billion—bringing the total valuation to a staggering $72 billion.
However, it’s important to note that these figures are projections. The ultimate value will depend on a range of factors, including the actual extraction of resources, complex financial modeling, and the fluctuating conditions of sales contracts over time.
For Glencore, Mutanda represents a key asset poised for growth. The company holds a dominant 95% stake in the mine, compared to just 70% at Kamoto, another of its DRC operations. Mutanda’s future looks bright, with two permits secured until 2037. With further investment, the mine’s lifespan could potentially stretch for another 20 years.
In contrast, the most recent report on Kamoto lacks measured resources but does highlight indicated resources—still requiring additional studies—estimated at 10.4 million tonnes of copper and 1.5 million tonnes of cobalt. The mine could be productive for up to 15 more years, contingent on future developments.
These figures are sure to pique the interest of various stakeholders, including the Congolese government, which benefits from taxes and royalties tied to industrial mining activities. Subcontractors and suppliers linked to Glencore’s local subsidiaries are also set to capitalize on the growing potential of both Mutanda and Kamoto.