• Congo has approved the acquisition of Chemaf by U.S. company Virtus Minerals
• The deal includes $30 million for equity and plans for $750 million in investment
• The move comes amid U.S.-DRC efforts to secure critical mineral supply chains

The Democratic Republic of Congo has approved the sale of Chemaf SA, a copper and cobalt mining company, to U.S.-based Virtus Minerals, according to sources cited by Bankable on March 17.

The approval was communicated by Mines Minister Louis Watum, in line with Congolese law requiring government consent for any change of control in companies holding mining permits.

Virtus Minerals, founded by former U.S. security officials, signed a deal in February with trustees based in the Isle of Man representing about 95% of Chemaf’s shares.

The company has committed to pay $30 million to acquire the business and plans to invest $750 million to complete ongoing projects. It has also proposed to take on Chemaf’s debt, estimated at more than $900 million.

Commodity trading group Trafigura, which arranged a $600 million loan for Chemaf in 2022, is among the company’s main creditors. Chemaf was founded by businessman Shiraz Virji.

The approval comes less than four months after the DRC and the United States signed a strategic partnership on critical minerals. The agreement includes provisions for preferential access by U.S. investors to a list of priority mining projects in the country.

For Washington, the deal supports efforts to secure supply chains for critical minerals such as copper and cobalt, while reducing dependence on China. For Kinshasa, closer ties with the United States are also linked to broader security considerations, including ongoing tensions in the eastern part of the country.

Chemaf was put up for sale in September 2023 after facing financial difficulties tied to the expansion of its Etoile mine in Haut-Katanga and the development of the Mutoshi deposit in Lualaba, amid a decline in cobalt prices.

The asset attracted interest from several bidders. In June 2024, China’s Norin Mining announced an agreement to acquire Chemaf, but the deal was blocked by state-owned Gécamines. The company had proposed acquiring Chemaf and reselling it while retaining up to a 25% stake.

Private Congolese firm Buenassa also expressed interest in the company in November 2025.

Walid Kéfi