Virtus Minerals Inc., a Delaware-based firm led by former U.S. military and intelligence officials, has reached an agreement to acquire the Congolese mining company Chemaf SA.

As part of the deal, Virtus will assume Chemaf’s $900 million debt, largely owed to Trafigura Group and plans to deploy $750 million to expand copper and cobalt production at the flagship Mutoshi project.

The acquisition marks a significant move by Western interests to secure supply chains for minerals critical to electric vehicles and defense systems.

This surge in Western engagement follows the collapse of a 2024 sale to China’s Norinco Group, which was blocked by Congolese authorities amid reported pressure from Washington to limit Chinese influence in the region.

“I am pleased to have found a new owner that can invest in completing the development of Mutoshi,” said Shiraz Virji, the multimillionaire chairman of Chemaf.

The sale ends months of funding pressures that had stalled the Etoile mine expansion and comes as numerous international bidders, including firms from India and Austria, showed interest in the strategic assets.

Analysts suggest that a U.S.-brokered peace agreement signed in 2025 between Congo and Rwanda has further stabilized the mining corridor, making the region more attractive to American investors.

The deal is expected to position the Democratic Republic of Congo at the center of the ongoing industrial contest between the U.S. and China.

SOURCE: BUSINESS INSIDER AFRICA