The Democratic Republic of Congo has approved the sale of copper and cobalt producer Chemaf to US-based Virtus Minerals, according to Bankable, in a deal that shows Washington’s growing push to secure critical minerals from Africa.
- Congo has approved the sale of Chemaf to US-based Virtus Minerals.
- The deal supports a broader US strategy to secure critical minerals from Africa.
- Bloomberg reports Virtus will pay $30 million and take on significant debt.
- The move highlights shifting control of Congo’s mining sector away from Chinese dominance
Congo’s mines minister, Louis Watum, communicated the decision in a letter to Virtus, a source familiar with the process told Bankable.
The approval, required under Congolese law for the transfer of mining assets, clears the way for the completion of a share purchase agreement signed earlier this year.
Chemaf was put up for sale in 2023 after running into financial difficulties while developing one of the world’s largest cobalt projects.
The company operates the Mutoshi and Etoile mines, which are already largely developed and seen as near-term sources of copper and cobalt supply.
The deal aligns with a broader strategic partnership signed in December between Kinshasa and Washington, aimed at giving US investors greater access to Congo’s vast reserves of critical minerals.
The government’s decision followed consultations with state-owned miner Gécamines, which holds key permits used by Chemaf. The approval also reflects growing pressure to bring the assets back on track after construction delays and rising debt levels.
Additional details reported by Bloomberg show that Virtus has agreed to pay about $30 million for Chemaf’s equity, while committing significant capital to complete and expand the projects. The company will also assume outstanding liabilities linked to earlier financing arrangements.
A previous attempt to sell Chemaf to a Chinese buyer failed after Congolese authorities withheld approval, highlighting Kinshasa’s increasing control over strategic mining assets.
The transaction comes as the United States steps up efforts to secure supplies of battery metals and reduce reliance on China-dominated supply chains. Congo, which holds some of the world’s largest reserves of cobalt, has become central to that strategy.
Despite the approval, questions remain about execution. Virtus has limited experience operating large-scale mining assets and is expected to rely on partners, while additional funding will be needed to bring the mines to full production.
At full capacity, Chemaf’s operations are expected to produce substantial volumes of copper and cobalt, positioning the asset as a key contributor to global energy transition supply chains.
