Glencore faces $1.4B lawsuit amid $9B Congo copper deal negotiations

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Glencore is facing a threatened lawsuit exceeding $1.4 billion from a Singapore-based commodity trader while negotiating a strategic deal involving two of the Democratic Republic of Congo’s largest copper and cobalt operations.

Glencore is facing a threatened $1.4 billion claim while negotiating a strategic transaction involving two major copper and cobalt operations in the Democratic Republic of Congo. . REUTERS/Arnd Wiegmann Singapore-based iron-ore trader Radiant World has threatened Glencore with claims exceeding $1.4 billion. The dispute followed Glencore’s closure of derivatives positions and demand for repayment of approximately $1.2 billion in exposure linked to Radiant and an affiliate. Glencore rejects the claims and says its remaining exposure is well below $500 million after provisions. The legal threat comes while Glencore negotiates the sale of a 40% interest in two major Congolese copper and cobalt operations valued at about $9 billion. ADVERTISEMENT Read Also markets EU formally challenges Sappi’s $1.66 billion plan to create Europe’s biggest paper producer markets World’s 8th-richest nation and Asia’s richest economy make a fresh move with Africa’s 2nd-largest economy, Egypt markets Naspers’ 1,000-vote shares turn 66% pay revolt into 92% approval as $100 million CEO award survives window._taboola = window._taboola || []; _taboola.push({ mode: 'thumbnails-mid-n', container: 'taboola-thumbnails-mid-1', placement: 'Thumbnails Mid 1', target_type: 'mix' }); Radiant World has accused the Swiss commodities group of causing it substantial losses after their trading relationship collapsed, according to documents reviewed by the Financial Times⁠.

The proposed claims have not resulted in a court judgment, and Radiant has not been awarded any money.

Glencore has rejected the allegations as meritless. The company maintains that it suffered losses from its dealings with Radiant and has already made provisions for its remaining exposure.

The dispute comes as Glencore works towards a separate transaction that could give a US-backed consortium a 40% interest in the company’s stakes in Kamoto Copper Company and Mutanda Mining in the DRC.

Glencore and the Orion Critical Mineral Consortium announced a non-binding agreement in February that placed an enterprise value of approximately $9 billion, including debt, on the Congolese operations.

The $9 billion figure is not the amount Orion has agreed to pay. It is the combined valuation being used for negotiations over the proposed 40% interest.

DON'T MISS THIS: U.S. steps up efforts to counter China in Africa with $9b move to buy 40% of Glencore’s DRC mines

There is no evidence that Radiant’s threatened claim has delayed or disrupted the Congo negotiations. Its potential effect on the transaction is, for now, a corporate-risk question rather than a confirmed consequence.

Kamoto Copper Company, operated by Glencore, is one of the Democratic Republic of Congo's largest copper and cobalt mines and a key supplier of critical minerals. BI Africa A relationship that ended in a billion-dollar dispute

Radiant World describes itself as one of the world’s largest independent iron-ore traders.

Its Singapore business reported approximately $9.6 billion in revenue for the financial year ending in September 2025. Radiant says the wider group trades more than 80 million tonnes of iron ore annually.

The company and an affiliated business, Sapphire Minmetals, entered derivatives transactions with Glencore connected to their physical commodity trading.

Glencore closed some of those positions and sought repayment of approximately $1.2 billion in exposure attributed to the two businesses.

DON'T MISS THIS:DR Congo’s tax battle with Glencore puts strategic copper mine at centre of US minerals push

Radiant alleges that Glencore was more deeply involved in its operations than a conventional trading counterparty and that its conduct contributed to the losses now being claimed.

The Singapore company says Glencore once held a warrant capable of giving it an interest approaching 5% in Radiant and that the companies had discussed a possible outside investment.