Virtus Minerals Inc., a Delaware registered firm led by veterans of the U.S. military and intelligence community, has agreed to acquire Chemaf SA and assume its liabilities, including debt owed to commodities trader Trafigura Group.
Managing Director Phil Braun said the company plans to deploy approximately $750 million in debt and equity to expand production.
The deal places Congo at the centre of an intensifying geopolitical contest as Western governments seek to reduce reliance on China for minerals critical to electric vehicles, defence systems and advanced manufacturing.
Debt-laden miner becomes strategic prize
Chemaf, a privately held copper and cobalt producer controlled by the Virji family, is about 94.7% owned by Chemaf Resources Ltd., with the Democratic Republic of Congo government holding a roughly 5% minority stake.
However, the company carries around $900 million in debt, even as it retains significant reserves at its flagship Mutoshi project.
Under the proposed transaction, U.S. investment firm Orion Resource Partners is expected to provide financing, while Virtus Minerals would oversee operations.
Global bidders circle Congo asset
At least half a dozen bidders are circling Chemaf, reflecting the asset’s strategic importance.
Potential buyers include United Critical Minerals LLC, chaired by Allied Gold founder Justin Dibb; a subsidiary of India’s Jindal Steel & Power Ltd.; Lloyds Metals and Energy Ltd., signalling rising Indian interest in battery metals; Global Critical Resources Corp., controlled by Austrian entrepreneur Cevdet Caner; Buenassa Sarl; and state-owned miner Gécamines.
Chinese deal collapse heightens geopolitical stakes
The surge in interest follows the collapse of a planned 2024 sale to a subsidiary of China’s Norinco Group after Congolese authorities declined to approve the transaction amid rising geopolitical scrutiny.
Earlier that year, Chemaf formally launched the sale process as funding pressures stalled progress on two core assets: the Phase 2 expansion of the Etoile mine and the greenfield Mutoshi project.
At the time, Chairman Shiraz Virji had signalled support for bringing in a new investor capable of advancing the projects.
Virji said: “I am pleased to have found a new owner that can invest in completing the development of Etoile Phase 2 and Mutoshi, which will be to the benefit of the DRC for decades to come.”
Meanwhile, U.S. officials reportedly urged President Félix Tshisekedi to block the transaction, underscoring the strategic sensitivity surrounding control of minerals increasingly viewed as critical to future industrial and technological power.
Washington expands influence in Central Africa
Analysts say U.S. aligned bidders could gain momentum following Washington’s expanding engagement in Central Africa.
A peace agreement brokered by the United States between Congo and Rwanda, signed in 2025, is expected to improve investment conditions and ease conflict risks in one of the world’s richest mining corridors.
