Virtus Minerals Acquires Chemaf as Part of US-DRC Mineral Strategic Partnership

At the start of April 2026, US mining company Virtus Minerals (NYSE: VRTS) announced that it had initiated the ‘transition process’ to acquire Chemaf. Virtus handed out USD 30 million in cash, but more importantly, it took over Chemaf’s debt burden, estimated at about USD 900 million, including a syndicated loan of USD 600 million arranged by Trafigura. In addition, Virtus committed to invest another USD 750 million to develop Chemaf’s mineral assets.

Two major cobalt mines form part of the deal: Mutoshi Mine and Etoile Mine. Just these two mines can eventually contribute up to 5% of the global #cobalt production.The Mutosi project is about 80% complete, while Etoile was undergoing a Phase 2 expansion that was roughtly 90% complete. Both Projects were stalled due to financial troubles at Chemaf.

Once fully operational, these mines will produce about 25,000 tonnes of cobalt hydroxide and 75,000 tonnes of #copper cathodes annually. Virtus is partnering with India’s Lloyds Metals and Energy to operate the mines. Virtus will probably honor the previous offtake agreement that Trafigura had with Chemaf.

The reshuffle of the top leadership at the state-owned miner, Gecamines, basically removed the roadblock for the deal. In February 2026, the DRC Government removed both the Chair Guy Lukama and CEO Placide Basadilua from Gecamines. The new Chair is Deogratias Masudi, and CEO Baraka Kabemba subsequently approved the deal.

The deal then went on the express lane and received approval in March 2026. Actually, this Chemaf deal was one of the flagship projects in the package negotiated in the peace accord brokered by Trump between DRC and Rwanda back in December 2025. This Mineral Strategic Partnership (#MSP) provided the USA with ‘privileged access’ to DRC’s #CriticalMinerals in exchange for security and investments.