US firm Virtus Minerals buys Congolese cobalt producer Chemaf
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.
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