The United States has shifted from warnings to execution. Amid China’s dominant position across the global critical minerals value chain — from copper and cobalt to rare earths — Washington has deployed a financial and geopolitical strategy aimed at securing long-term access to strategic inputs. At the center of this effort is a public-private investment platform structured to guarantee supply for defense, energy and advanced manufacturing sectors.
By Panorama Minero
The consortium was created by Orion Resource Partners, one of the largest global mining financiers, in partnership with the U.S. International Development Finance Corporation, DFC, and Abu Dhabi’s sovereign wealth fund ADQ. The vehicle has secured US$1.8 billion in committed capital and aims to scale to US$5 billion in the coming years.
“The consortium represents a significant step toward closing the financing gap in the critical minerals supply chain,” said Oskar Lewnowski, Founder and CEO of Orion Resource Partners.
A Consortium With Geopolitical Logic
Unlike traditional mining funds, the platform focuses on existing or near-production assets capable of delivering minerals in the short and medium term. The objective is to reduce reliance on China, which controls more than 60% of global cobalt refining, 70% of rare earth processing and a dominant share of strategic copper supply.
“The consortium was created to establish a reliable flow of investment in critical minerals,” said Ben Black, CEO of the DFC.
Established in 2019, the DFC acts as a catalyst for private capital, aligning investment with U.S. strategic interests. Sovereign partners such as ADQ, which manages over US$251 billion in assets, participate alongside private investors.
Congo As A Strategic Node
The consortium’s first major move underscores its scale. A Memorandum of Understanding was signed with Glencore to acquire up to 40% of Mutanda Mining and Kamoto Copper Company in the Democratic Republic of Congo, the world’s largest cobalt producer and a leading copper jurisdiction.
The transaction values both assets at approximately US$9 billion. Glencore would continue operating the mines, while the consortium would hold an equity stake, appoint non-executive directors and manage commercialization of its proportional production share.
From Washington, Under Secretary of State Christopher Landau stated that the transaction reflects the objectives of the U.S.–Democratic Republic of Congo Strategic Partnership Agreement aimed at promoting secure and reliable mineral flows.
The DFC has also committed more than US$1 billion to copper and cobalt projects in Africa, including initiatives involving Gécamines and Mercuria Energy, as well as railway infrastructure connecting Congo and neighboring countries to Angola’s coast.
Critical Minerals, Defense And Industrial Security
Cobalt and copper are essential inputs for batteries, electric vehicles, renewable energy systems, data centers, artificial intelligence infrastructure and defense applications. Stable access to these materials has become a central component of U.S. industrial competitiveness and national security planning.
Frank Fannon, former Assistant Secretary of State for Energy Resources and co-founder of the consortium, stated that the model seeks to consolidate a private actor with technical expertise, financial capacity and geopolitical alignment in strategic metals markets.
Mercuria And Its Presence In Argentina
Although not formally part of the consortium, Mercuria Energy plays a relevant role in this evolving commodities landscape. The Swiss-based trader, one of the five largest globally, reports annual revenues exceeding US$170 billion and operates across oil, gas, power and metals markets.
In Argentina, Mercuria participates in Vaca Muerta through Phoenix Global Resources and holds a stake in Metrogas. The company is also negotiating the acquisition of Shell/Raízen’s downstream assets for between US$1.5 billion and US$1.9 billion, a move that would expand its vertical integration footprint in the country.
Argentina On The Strategic Map
In February, Argentina and the United States signed the Reciprocal Trade and Investment Agreement, ARTI, establishing a bilateral framework for cooperation in strategic sectors, including critical minerals such as copper and lithium.
The framework aligns with Argentina’s Large Investment Incentive Regime, RIGI. At the same time, the U.S. Export-Import Bank, EXIM, modified its Country Limitation Schedule and restored short- and medium-term export financing eligibility for Argentina.
EXIM was recently reauthorized with total lending authority of US$205 billion, of which up to US$100 billion is allocated to securing allied supply chains in critical minerals, nuclear energy and LNG. Within this structure, Project Vault includes US$12 billion dedicated to minerals such as copper, cobalt and rare earths.
In this context, the consortium, EXIM financing mechanisms and large-scale mining projects under Argentina’s RIGI framework form part of a broader financial architecture designed to strengthen supply chains considered strategic by Washington.
