US firm secures deal to mine cobalt and copper in DRC
US firm Virtus Minerals said on Wednesday it is working to restart Congolese cobalt and copper producer Chemaf's mines after securing regulatory approval, marking the first acquisition under the US–DR Congo minerals agreement.
United States firm Virtus Minerals said on Wednesday it is working to restart Congolese cobalt and copper producer Chemaf's mines after securing regulatory approval, marking the first acquisition of operating mines under the US–DR Congo minerals partnership after a flurry of offtake agreements.
Virtus said its focus was on inventory verification, technical and operational assessments and restart planning across Chemaf’s asset base, with timelines dependent on completion.
The Democratic Republic of Congo is the world’s top cobalt producer and holds vast reserves of copper and lithium, critical to electric vehicles and the energy transition.
The United States has been pushing efforts to build its critical minerals stockpile and loosen China’s grip on supply chains, with US Under Secretary of State for Economic Affairs Jacob Helberg saying Kinshasa had approved the sale of Chemaf to Virtus under the two countries' minerals deal.
US firm says it is 'too early' to speculate on output
Chemaf said DR Congo approved the deal, which Virtus confirmed had secured clearances from the mines ministry, the portfolio ministry and state miner Gecamines.
Reuters has reported that Gecamines executives have been removed from their positions partly over concerns they were obstructing the Chemaf transaction, which requires the state miner's approval as the lease holder.
Virtus said its priority was to stabilise the business, while building long-term growth beyond the flagship Mutoshi and Etoile projects through Chemaf’s wider permit portfolio.
Workforce continuity would be central to the transition, said the US firm, adding it is too early to comment on output targets, staffing levels or capital spending.