• Virtus Minerals confirms acquisition of Chemaf SA’s Etoile and Mutoshi mines

• Company plans over $700 million investment to restart operations

• Assets could represent around 5% of global cobalt supply

Virtus Minerals has confirmed the acquisition of Chemaf SA, operator of the Etoile and Mutoshi copper-cobalt mines in the Democratic Republic of the Congo, one week after receiving government approval.

The U.S. company plans to restart operations at the sites and has already allocated a budget exceeding $700 million for the effort.

This acquisition concludes a prolonged takeover process marked by strong competition among multiple potential buyers. Virtus Minerals now focuses on operational planning, including inventory assessments and technical and operational evaluations of the sites.

The company has not yet announced a precise implementation timeline. Meanwhile, Lloyds Metals and Energy acts as an operational partner and contributes $200 million to the overall investment package.

“Virtus and its partners are ready to get to work to restore jobs, restart production and deliver on the promise of critical minerals trade between the United States and the DRC,” said Phil Braun in an interview with the Wall Street Journal.

The stakes surrounding the Etoile and Mutoshi mines extend beyond technical considerations. Virtus Minerals aims to strengthen U.S. access to critical minerals, particularly cobalt, a strategic metal used in electronics and electric vehicle batteries.

These two mines could account for around 5% of global cobalt supply, according to estimates. They also represent one of the few cobalt sources in the DRC not controlled by Chinese capital, in a country that remains the world’s leading producer.

This move aligns with a broader shift following a 2025 bilateral cooperation agreement, under which the United States seeks to secure new sources of critical minerals through partnerships with the DRC.

US firm Virtus’ acquisition of the Chemaf mines in the DRC is HUGE for America and for the people of the DRC. Under President Trump’s leadership, the US is finally back competing in the DRC’s mining sector. The U.S.-DRC Strategic Partnership Agreement is a linchpin to American…

— Under Secretary of State Jacob S. Helberg (@UnderSecE) March 31, 2026

Before the acquisition, Chemaf SA planned to optimize operations to reach a combined annual output of 75,000 tonnes of copper and 20,000 tonnes of cobalt across both mines.

However, the execution of these ambitions now depends on Virtus Minerals. The company must also demonstrate its ability to manage mining assets in a jurisdiction where it has not previously operated.

This article was initially published in French by Aurel Sèdjro Houenou

Adapted in English by Ange J.A de Berry Quenum