Virtus Agrees to Buy Congolese Cobalt Miner as US–DRC Minerals Pact Takes Shape

US-based Virtus Minerals has agreed to acquire Chemaf, a troubled copper and cobalt producer in the Democratic Republic of the Congo (DRC), in a deal that underscores Washington’s growing push to secure critical mineral supply chains in Africa.

Virtus will pay about $30 million for Chemaf’s shares and assume the company’s liabilities, including debt owed to Trafigura, according to people familiar with the matter. The Delaware-registered firm also plans capital investments of up to $750 million, funded through a mix of debt and equity, managing director Phil Braun told Bloomberg News.

Braun made the remarks on the sidelines of an event in Washington attended by Felix Tshisekedi, hosted by the US Chamber of Commerce.

Strategic asset in a global minerals race

Chemaf, founded by businessman Shiraz Virji, has been up for sale since 2023 after running into financial difficulties while developing the Mutoshi project—expected to become one of the world’s largest cobalt mines. A proposed sale to a Chinese state-owned company collapsed in March 2025 after Congolese authorities withheld approvals.

The protracted sale process has become emblematic of intensifying competition between Washington and Beijing for access to Congo’s vast copper and cobalt resources. In December 2025, the US and the DRC signed a partnership granting American investors preferential access to selected critical mineral projects. Chinese firms currently dominate Congo’s copper and cobalt production.

Virtus partnered with Orion CMC, a new platform led by Orion Resources Partners and backed by the US International Development Finance Corporation, to pursue the Chemaf acquisition.

Cornerstone of US–DRC engagement

US Under Secretary of State for Economic Growth, Energy and the Environment Jacob Helberg described the Chemaf transaction as one of several foundational projects underpinning the US–DRC critical minerals partnership.

He also pointed to Orion CMC’s preliminary agreement to acquire stakes in Glencore’s Congolese copper-cobalt assets, as well as a potential railway project by Mota Engil to link the DRC’s Copperbelt to Angola’s Atlantic coast.

“These are pivotal transactions the US government hopes to see completed quickly, to send a clear signal that the DRC is open for business,” Helberg said.

Funding, partners and approvals

Virtus concluded its purchase agreement with trustees in the Isle of Man representing nearly 95% of Chemaf’s shares. Virji, who holds less than 0.01% of the shares in his own name, has not yet signed the agreement. Chemaf declined to comment.

India’s Lloyds Metals and Energy will serve as the operational partner for Virtus, with the joint venture committing an initial equity investment of $200 million, Braun said.

Virtus is being advised by BTIG and King & Spalding on the transaction. Braun added that the company has reached an agreement with Trafigura to settle Chemaf’s outstanding debt, though details were not disclosed.

Trafigura arranged a $600 million loan in 2022 to finance construction of Chemaf’s flagship Mutoshi mine and the expansion of its existing Etoile operations—projects that later stalled amid funding challenges.

Next steps

The acquisition still requires approval from the Congolese government and state-owned miner Gecamines, which controls a key licence leased to Chemaf for the Mutoshi project and had been considering its own bid for the company.

Several other US, Congolese and Indian firms have also submitted offers for Chemaf in recent months. With dozens of undeveloped mining permits and strategic positioning within the global battery metals supply chain, the company remains a critical prize in the intensifying geopolitical contest for Africa’s minerals.