GreenergyDaily
Apr. 1, 2026
A U.S. firm has finally acquired one of the world’s largest cobalt producers not already in China’s hands, marking a significant win for the Trump administration.
The buyer, Virtus Minerals, is venturing where other American companies often feared to tread, purchasing a company saddled with some $1 billion in debt, facing an incursion of thousands of informal workers at its richest mine, Mutoshi, and located in one of the world’s toughest countries in which to do business.
On Friday, Virtus finalized its acquisition of the company, Chemaf, for $30 million and a commitment to raise some $720 million in investment, a leg-up for Washington in the race against Beijing for critical minerals in resource-rich Congo. Chemaf’s assets are capable of producing around 5% of the world’s cobalt, a metal used in jet fighters, mobile phones and electric-vehicle batteries. Virtus says it plans to sell all of future production to American or “U.S.-aligned” buyers.
The U.S. government has been “fully supportive” of the Virtus acquisition of Chemaf, according to a State Department official, who said “this is a priority project.”
The official said it could demonstrate to the Congolese government that U.S. investment can deliver concrete benefits for the country’s economy.
Virtus, in partnership with Lloyds Metals and Energy, an Indian mining company that will be Virtus’ operating partner, is contributing an initial $200 million to the Chemaf deal, with another $475 million in financing coming from New York-based investment firm Orion Resource Partners and $75 million in other financing. Orion declined to comment.
The Chinese coveted Chemaf as well. In June 2024, Chemaf agreed to sell itself to Norin Mining, a subsidiary of Chinese state-owned defense company Norinco, for $920 million. That deal would have seen all creditors fully paid, according to a person close to the deal.
The Norin deal fell apart last year because it couldn’t secure the approvals it needed from the Congolese. Shortly after, Virtus appeared on the scene, touting its U.S. government backing, according to the person close to the deal.
