Virtus Minerals Inc has agreed to acquire Chemaf SA, a financially troubled copper and cobalt producer in the Democratic Republic of Congo, under a deal aligned with a broader US-Congo critical minerals partnership. Virtus will pay an undisclosed amount and assume Chemaf’s debts including obligations owed to commodity trader Trafigura Group.
Chemaf has struggled financially while developing what is expected to become one of the world’s largest cobalt mines. The company has been up for sale since 2023 and a previously agreed sale to a Chinese state-owned firm fell through in 2025 after the Congolese government withheld regulatory approval.
Virtus plans to invest up to $750 million in Chemaf through a mix of debt and equity financing. The announcement was made at an event in Washington attended by Congolese President Félix Tshisekedi as part of efforts to secure more direct US participation in Congo’s mineral sector.
The deal is seen as part of growing competition between the United States and China over access to critical minerals such as cobalt and copper, essential for electric vehicles and other technologies. Chinese companies currently dominate Congo’s copper and cobalt production.
Virtus is working with Orion CMC, a US finance vehicle backed by the International Development Finance Corporation, on the acquisition. The transaction still requires approval from the Congolese government and state-owned miner Gécamines.
