London, June 19, 2026, 09:23 (BST)
- Glencore slipped around 0.6% to 562.6 pence early in London. Shares are now down about 4.5% from last Friday’s close.
- Congo’s mining sector is pushing for a delay on a rule that forces companies to hand over 5% ownership to Congolese employees by July 31.
- The stock faced more pressure as copper prices fell and other London-listed mining peers reported losses.
Glencore shares fell again on Friday, dropping 0.6% to 562.6 pence as the miner faces fresh uncertainty from a new ownership rule in the Democratic Republic of Congo and softer copper prices. That adds to Thursday’s almost 3% slide.
Congo miners want more time on a new rule forcing them to give workers a 5% equity stake before July 31. Industry leaders say it’s still not clear if current owners need to give up shares or if the rule covers the past. Glencore, Ivanhoe Mines, CMOC, and Eurasian Resources Group discussed how to respond with Congo’s Chamber of Mines on June 11. Glencore would not comment.
Congo is key for Glencore’s copper and cobalt business. The company is working on a deal to sell 40% of its Mutanda Mining and Kamoto Copper Company operations to the Orion Critical Mineral Consortium, which is backed by the U.S. The talks put the value of the assets, with debt, at about $9 billion. If Kinshasa enforces a mandatory employee stake, the ownership split could change. Glencore and the government have not said they would block the sale.
Anglo American slipped 1.2% and Antofagasta lost 0.8%. Both dropped along with Glencore. Still, the FTSE 100 inched up 0.1%. The index had dropped 1% on Thursday, hurt by losses in miners and tech stocks.
Copper futures dropped 0.7% to $6.33 a pound. The metal pulled back as Rio Tinto restarted concentrate shipments from its Oyu Tolgoi mine in Mongolia. The Federal Reserve also indicated more willingness to keep interest rates higher later this year. Higher rates tend to slow economic activity and knock demand for industrial metals.
The dollar pushed higher, hitting a 13-month peak on Friday. Global stocks slipped, and the latest plan for U.S.-Iran talks stalled. A stronger dollar tends to push up costs for buyers of metals in other currencies, creating more pressure.
Glencore’s copper production climbed 19% in the first quarter to 199,600 tonnes. Cobalt output fell 39% to 5,800 tonnes. CEO Gary Nagle said production was “largely in line with our expectations” and full-year guidance stays the same. Nagle said the current level of commodity prices should be enough to more than cover higher diesel and acid costs, and he expects marketing EBIT to beat the top end of Glencore’s $2.3 billion to $3.5 billion long-term range. Glencore
For shareholders, Congo’s rule changes political risk into a direct, possibly quantifiable cost of holding shares. The 5% headline number matters, but investors are looking closer at where those shares come from, what compensation if any is offered, and if existing projects fall under the rule.
The risk is Congo could apply the directive retroactively, forcing current investors to hand over equity. That might delay the Orion talks or cut Glencore’s stake in the mines. A bigger drop in copper or stubborn cost inflation would make things worse. A pause and then a clear, non-retroactive framework would take away most of the short-term uncertainty.
Glencore shares are still trading on Congo politics and copper prices as investors wait for the rules. What happens in talks between the mines ministry and labor reps looks key—watch for word on any delay, tighter enforcement, or if things stay as they are.
