Virtus Minerals Acquires Chemaf in DR Congo
Analysis based on 7 articles · First reported Feb 06, 2026 · Last updated Mar 18, 2026
The acquisition of Chemaf by Virtus Minerals is expected to positively impact the critical minerals market by increasing the supply of copper and cobalt, reducing reliance on China. This deal also strengthens the strategic minerals partnership between the United States and the Democratic Republic of the Congo, potentially leading to more United States investment in the region.
The Democratic Republic of the Congo is set to approve the sale of Chemaf, a local miner, to United States-based Virtus Minerals for $30 million. Virtus Minerals plans to invest approximately $750 million to complete stalled projects, including the Mutoshi copper and cobalt mine, and will assume Chemaf's debts, including a $600 million loan from Trafigura. This transaction is a significant step in a broader US-Congo minerals agreement aimed at reducing United States reliance on China for critical minerals. The deal, which has received approval from the Democratic Republic of the Congo government and state miner Gécamines, will make Chemaf one of the world's largest cobalt producers and the only major American-owned mine in the country. Orion Resource Partners is providing $475 million in debt financing, and Lloyds Metals and Energy will manage mining operations. This acquisition follows Gécamines blocking a previous sale to a Chinese firm, highlighting a shift in the Democratic Republic of the Congo's mineral sector alliances.
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