A U.S.-backed consortium led by Virtus Minerals is moving forward with the transition of Chemaf, a major copper and cobalt producer in the Democratic Republic of the Congo, in a deal seen as pivotal to reshaping global critical minerals supply chains.
The transaction supported by U.S. strategic interests follows Virtus’ agreement to acquire Chemaf and restructure its operations alongside partners including Orion Resource Partners and India’s Lloyds Metals. The move comes after a prolonged sale process and the collapse of a previous Chinese-backed bid, highlighting intensifying geopolitical competition over Congo’s mineral assets, Reuters reported.
Chemaf’s assets, which include the Mutoshi and Etoile mines, are considered highly strategic, with the company capable of producing a significant share of the world’s cobalt, a key component in electric vehicle batteries and advanced technologies. The transition plan is expected to stabilise operations, address legacy debt challenges, and scale production over time.
The Congolese government has backed the deal as part of a broader effort to diversify partnerships and reduce reliance on Chinese dominance in the mining sector, aligning with a wider U.S.-DRC minerals cooperation framework aimed at securing supply chains for critical resources.
Analysts say the Virtus-Chemaf transition represents a strategic inflection point for Africa’s mining landscape, signalling increased Western investment in high-value minerals and reinforcing the continent’s central role in the global energy transition.
