Article

Virtus Minerals is approaching the acquisition of Chemaf's copper and cobalt assets in the DRC, pending Gécamines' approval. This follows failed attempts by Norinco to acquire Chemaf due to intervention from Gécamines and the Biden administration.

The acquisition aligns with U.S. strategies to enhance its presence in critical mineral supply chains, particularly as the DRC is rich in cobalt and copper vital for advanced industries. The financing plan includes $600 million from Orion Resource Partners and $200 million from Virtus and Lloyd Metals. If approved, this deal will mark a significant U.S. investment in the DRC's mining sector.