ACQUISITIONS & CHANGES OF CONTROL
DRC: Virtus Minerals / Chemaf (copper, cobalt)
US-based Virtus Minerals completed its acquisition of Trafigura-backed Chemaf in April 2026, acquiring the company for approximately USD 30 million and a plan involving over USD 700 million in capital investment. The transaction followed a multi-party contest in which the DRC government blocked a competing bid from Chinese state-backed Norinco. Chemaf operates two mines, Etoile (Lubumbashi) and Mutoshi (Kolwezi), with expansion projects at both sites almost complete. At full capacity, the combined operations are expected to produce 75,000 tonnes of copper and 20,000 tonnes of cobalt annually. The company also holds around 60 mining titles across several provinces. The deal was facilitated by the US-DRC minerals partnership agreement signed in late 2025.
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