KINSHASA, April 23 – The Democratic Republic of Congo is set to see a revival of a key copper and cobalt producer, as new investors move to restart operations at Chemaf following a strategic takeover.
U.S.-based Virtus Minerals and its partner Lloyds Metals & Energy plan to resume full production by January 2027 after acquiring Chemaf’s assets earlier this year.
The consortium purchased the company for $30 million and assumed roughly $900 million in debt, marking the first major on-the-ground deal under the US-DRC minerals partnership. The initiative is designed to shift control of critical mineral supply chains particularly cobalt and copper away from Chinese dominance and toward Western markets.
Chemaf, previously owned by Shalina Resources, is now operated by a joint venture between the U.S. and Indian partners. The new owners have pledged to retain the workforce and stabilise operations after years of financial and operational setbacks.
As part of the transition, production at the Lubumbashi site currently the company’s only active mine will be temporarily suspended for up to two months to allow for maintenance and upgrades. At the same time, efforts are being accelerated to prepare both Lubumbashi and Kolwezi sites for simultaneous full-scale production.
The restart strategy also includes reviving the long-delayed Mutoshi copper and cobalt project near Kolwezi, which has been largely dormant since 2019 due to weak cobalt prices and funding constraints.
The restructuring comes with leadership changes, including the appointment of A.N. Subramaniyam as chief executive, while technical specialists from Lloyds Metals will support operations in an advisory role.
Despite the ambitious timeline, the project carries execution risks. Recent scrutiny has raised concerns about Virtus Minerals’ experience in large-scale mining operations, highlighting the challenges of turning around distressed assets in complex environments.
Still, the deal underscores growing geopolitical competition for Africa’s critical minerals, as global demand for battery metals continues to rise alongside the expansion of electric vehicle and clean energy industries.