Virtus agrees to buy Congo cobalt miner amid US pact

Published: Feb 6, 2026 19:44

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Virtus Minerals has agreed to acquire the financially distressed Congolese copper and cobalt producer Chemaf. Virtus plans to purchase nearly 95% of Chemaf for approximately USD 30 million and assume the company’s liabilities, including debt owed to Trafigura, while also committing around USD 750 million in capital investment funded through a combination of debt and equity to develop the projects. Chemaf has been seeking a buyer since 2023, and a previously proposed transaction with a Chinese state-owned company collapsed in 2025 due to regulatory approval issues. The deal is being pursued jointly by Virtus and Orion CMC, a vehicle backed by the U.S. government, and is regarded by U.S. officials as one of the flagship projects under the U.S.–DRC critical minerals partnership.

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