Democratic Republic of the Congo Set to Approve Chemaf Sale to Virtus Minerals in Strategic US Critical Minerals Push
The Democratic Republic of the Congo (DRC) is reportedly preparing to approve the sale of mining company Chemaf to US-based Virtus Minerals, a move that would advance a strategic minerals partnership between Washington and Kinshasa.
According to sources cited by Bloomberg News, Congo’s Mines Minister, Louis Watum, informed Virtus that the government intends to clear the transaction.
The approval would mark a significant step in the transfer of one of the country’s most closely watched mining assets.
Chemaf, which owns the Mutoshi copper and cobalt project, put itself up for sale in 2023 after financial constraints stalled development of what was expected to become one of the world’s largest cobalt operations.
The deal is seen as an early test of a broader US–DRC minerals agreement signed in December, alongside a Washington-backed peace initiative between the DRC and Rwanda.
The United States is seeking to reduce its dependence on China for critical minerals, and the DRC rich in copper, cobalt, lithium, and tantalum has become central to that strategy.
Under the proposed terms, Virtus will acquire Chemaf’s equity for $30 million and invest approximately $750 million to complete stalled projects.
The company will also assume existing debts, including obligations to Trafigura Group, which provided a $600 million loan in 2022 to fund construction at Mutoshi and expansion at the Etoile operation.
Virtus signed a purchase agreement in February with trustees representing about 95% of Chemaf’s shares.
However, Congolese law requires government approval for any change of control involving mining permit holders.
The Congolese state has played a decisive role in the process through Gécamines, which holds a key permit leased to Chemaf for the Mutoshi project. Authorities had previously blocked a competing bid from a Chinese state-backed firm.
The acquisition forms part of a wider set of initiatives under the US–DRC partnership. These include a preliminary agreement involving Orion Resource Partners to acquire stakes in assets owned by Glencore, as well as infrastructure plans led by Mota-Engil to develop a railway linking the copperbelt to Angola’s Atlantic coast.
Together, these efforts reflect a broader push to reshape global supply chains for critical minerals while strengthening US engagement in Africa’s mining sector.
