U.S.-based Virtus Minerals and its Indian partner, Lloyds Metals & Energy, are planning to restart full production at Congo’s copper and cobalt miner Chemaf by January 2027, following a Washington-backed takeover, a union executive has said, Reuters reported. The update, reported in April 2026, signals renewed activity at a long-troubled asset central to global critical minerals supply chains.
Virtus acquired Chemaf’s mining assets in March for about $30 million and agreed to take on roughly $900 million in debt, marking the first operational deal under a broader U.S.–Democratic Republic of Congo minerals partnership aimed at reducing China’s dominance in the sector.
As part of the restart plan, the new owners will temporarily suspend production at the company’s Lubumbashi site, currently its only producing operation, for up to two months to allow for maintenance and accelerated construction. The goal is to enable simultaneous production at both Lubumbashi and Kolwezi, including reviving the long-stalled Mutoshi copper and cobalt project.
The joint venture, operating as Virtus Lloyds Mineral Holding, has pledged to retain Chemaf’s workforce and stabilise operations after years of financial and operational challenges. However, questions remain around execution capacity and financing, underscoring the complexity of reviving one of Congo’s key mineral assets in an increasingly strategic global market.
