The government of the Democratic Republic of Congo officially gave the green light on Tuesday, March 17, 2026, for the acquisition of the mining company Chemaf by the American consortium Virtus Minerals. This decision ends months of uncertainty surrounding the strategic copper and cobalt producer, which is burdened with nearly $900 million in debt.
Backed by the United States government amid the global race for critical minerals, Virtus Minerals takes control of major assets in the Lualaba province, including the Etoile mine and the Mutoshi project. The deal follows the blocking by Kinshasa and state-owned Gecamines in 2024 and 2025 of a takeover attempt by the Chinese company Norinco.
To restart operations, Virtus Minerals has partnered with India’s Lloyds Metals and Energy, planning an initial equity investment of $200 million. The immediate challenge for the new owners will be to complete the construction of processing plants—which requires an additional $250 to $300 million—and to reassure Chemaf’s 3,000 direct employees whose jobs were threatened by a looming production halt.
The transfer of mining assets must now translate into a clear debt restructuring and operational guarantees. Gecamines, the state partner holding the Mutoshi permits, aligned with the government’s decision, paving the way for a rapid revival of extractive activities.
M&B
