US firm Virtus Minerals buys Congolese cobalt producer Chemaf
US firm Virtus Minerals has acquired Congolese cobalt and copper producer Chemaf, US Under Secretary of State for Economic Affairs Jacob Helberg said on Tuesday.
Congo has been seeking to develop a minerals partnership with Washington and has drawn up a list of assets, including Chemaf’s mines, to attract US investment into a sector long dominated by Chinese firms.Virtus had earlier said it had agreed to acquire Chemaf for about $30 million.
Chemaf also has $200 million in unsecured debt and $700 million in secured debt.The deal had faced opposition from the CEO and chair of state miner Gecamines, prompting Congo to remove them from their positions.