US firm Virtus Minerals has acquired Congolese cobalt and copper producer Chemaf, US Under Secretary of State for Economic Affairs Jacob Helberg said on Tuesday. Congo has been seeking to develop a minerals partnership with Washington and has drawn up a list of assets, including Chemaf’s mines, to attract US investment into a sector long dominated by Chinese firms.Virtus had earlier said it had agreed to acquire Chemaf for about $30 million. Chemaf also has $200 million in unsecured debt and $700 million in secured debt.The deal had faced opposition from the CEO and chair of state miner Gecamines, prompting Congo to remove them from their positions.

Lloyds Metals and Energy Limited has announced that VLMH, a joint venture in which its wholly-owned subsidiary LGRF holds a 49% stake, has completed the acquisition of 100% equity in all companies under the CHEMAF Group, which is engaged in copper and cobalt mining and processing in the Democratic Republic of the Congo (DRC). This marks the first major mineral acquisition transaction closed by the joint venture platform in the DRC. Previously, the company disclosed in January 2026 the acquisition of a 50% stake in Nexus Holdco FZCO, which owns copper mining concessions and a processing plant in the DRC, with operations commencing in March 2026.

The Democratic Republic of Congo is reportedly ready to approve the sale of Chemaf to US-based Virtus Minerals, advancing a strategic minerals partnership between Washington and the African nation. Congo’s mines minister, Louis Watum, notified Virtus last week that the government intends to clear the takeover, according to sources cited by Bloomberg News, marking a key step in a deal involving one of the country’s most contested mining assets.

A firm headed by veterans of the US military and intelligence services has agreed to buy Chemaf SA, a troubled Congolese copper and cobalt producer that’s become a focal point in Washington’s efforts to shore up critical mineral supplies. Virtus Minerals Inc. will pay an undisclosed sum for Chemaf and assume the firm’s liabilities, including debt owed to Trafigura Group, managing director Phil Braun told Bloomberg News on Thursday. The Delaware-registered company plans capital investments of $750 million, funded by debt and equity, he said on the sidelines of an event with Congolese President Felix Tshisekedi at the US Chamber of Commerce in Washington.

Virtus Minerals has agreed to acquire the financially distressed Congolese copper and cobalt producer Chemaf. Virtus plans to purchase nearly 95% of Chemaf for approximately USD 30 million and assume the company’s liabilities, including debt owed to Trafigura, while also committing around USD 750 million in capital investment funded through a combination of debt and equity to develop the projects. Chemaf has been seeking a buyer since 2023, and a previously proposed transaction with a Chinese state-owned company collapsed in 2025 due to regulatory approval issues. The deal is being pursued jointly by Virtus and Orion CMC, a vehicle backed by the U.S. government, and is regarded by U.S. officials as one of the flagship projects under the U.S.–DRC critical minerals partnership.

The wholly-owned subsidiary of North Mining, North Mining Jinke Co., Ltd., signed a share purchase agreement with CGL, the parent company of CRL. According to the agreement, North Mining Jinke Co., Ltd. will acquire all the shares of CGL in CRL. North Mining Jinke Co., Ltd. also agreed to acquire Shiraz Virji's direct equity in Chemaf.

Chemaf S.A. (Chemaf) was founded in 2001 by the current chairman, Shiraz Virji. In the past two decades, the Etoile mine of Chemaf has produced over 300,000 tons of copper and 55,000 tons of cobalt hydroxide. Currently, the second-phase expansion of Etoile mine and the new Mutoshi project are both in the late stage of construction, with an expected annual output of over 75,000 tons of copper and 20,000 tons of cobalt hydroxide.

Due to the significant capital investment in the early stages of the Etoile and Mutoshi copper-cobalt mine projects, Chemaf has fallen into operational difficulties. Therefore, in September 2023, the company initiated a sales plan. This transaction will help CRL repay its existing debts and introduce a new owner with financial and technical capabilities to complete the expansion of Etoile and the development of Mutoshi.

On June 27, 2024, Chemaf Group Limited (CGL) announced that it had signed a share purchase agreement with Northern Mining Co., Ltd. (Northern Mining) to sell its 100% holding of Chemaf Resources Limited (CRL). Subject to the satisfaction of the preconditions for completing the transaction, it is expected to be completed in the fourth quarter of 2024. Upon completion of the transaction, Northern Mining will acquire two copper-cobalt mines, Etoile and Mutoshi, in the Democratic Republic of the Congo.