Virtus, Indian partner target 2027 Chemaf restart
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U.S.-based Virtus Minerals and Indian partner Lloyds Metals & Energy are planning to restart full production at Congolese copper and cobalt miner Chemaf in January 2027 after taking control of the business in a Washington-backed deal. A union executive told Reuters the new owners aim to bring operations back on stream after years of uncertainty at the miner.
Virtus bought Chemaf’s mines in March for $30 million and agreed to take on about $900 million in debt, making the deal the first on-the-ground project under the U.S.-Democratic Republic of Congo minerals partnership. The arrangement is part of Washington’s effort to draw critical mineral supply chains away from China and into Western markets.
The takeover has already triggered a short-term production pause at Chemaf’s Lubumbashi site, which is currently the company’s only producing operation. Workers were told the site will be closed for maintenance for up to two months while construction is accelerated at both Lubumbashi and Kolwezi ahead of a broader restart plan.
According to the union, the new owners want full production running simultaneously at Lubumbashi and Kolwezi by January next year. The transition also aims to revive the long-delayed Mutoshi copper and cobalt project near Kolwezi, which has been stalled since 2019 because of weak cobalt prices and financing constraints.
Virtus said the move is meant to keep Chemaf’s workforce in place and complete the transition as quickly as possible. The company has also named India’s A.N. Subramaniyam as chief executive, while specialists from Lloyds Metals will work in an advisory role to support continuity at the Congolese miner.
