Congo Approves US Firm's Acquisition of Cobalt Miner in Strategic Minerals Pact

The Democratic Republic of Congo has approved the acquisition of copper and cobalt miner Chemaf SA by US-based Virtus Minerals Inc. as part of a strategic minerals partnership with Washington according to Bloomberg.

This move follows an agreement signed in December 2025 between the two nations to secure critical mineral supplies and reduce reliance on Chinese producers as reported.

Chemaf was put up for sale in 2023 after financial difficulties stalled the development of its Mutoshi mine, one of the world's largest cobalt deposits according to Bloomberg.

Why the Move Happened

The approval represents the first major test of the December 2025 partnership, which allows US investors preferential access to Congolese mineral resources as stated.

Virtus, which is led by former US military and intelligence professionals, signed the deal with nearly 95% of Chemaf's shares held by Isle of Man trustees according to Bloomberg.

Congo's mines minister notified Virtus last week that the government had given its approval, according to sources.

What Analysts Are Watching

The deal includes a $30 million equity payment from Virtus and $750 million in planned capital investments to resume stalled projects as reported.

The firm will also assume Chemaf's debts, including those owed to Trafigura Group, which had previously provided a $600 million loan for the Mutoshi mine according to Bloomberg.

Congo's state miner, Gecamines, holds a key permit for Mutoshi and has historically played a role in approving such transactions as noted.

The deal's success will depend on Virtus' ability to manage debt, complete construction, and align with government expectations according to Bloomberg.

The move is also seen as a step toward diversifying critical mineral supply chains amid rising geopolitical tensions as reported.

Experts are watching how the project aligns with broader US and EU goals to reduce reliance on China for strategic minerals according to Bloomberg.