Ministry of Mines Approves Chemaf Transfer of Control to Virtus
KINSHASA, DEMOCRATIC REPUBLIC OF CONGO — March 13, 2026 — The Democratic Republic of Congo’s Minister of Mines, His Excellency Louis Kabamba Watum, has formally approved the acquisition of Chemaf by Virtus Minerals Inc. (“Virtus”), clearing a major regulatory milestone in the transaction.
The approval, issued under the DRC Mining Code, follows the Government’s review of the transaction structure, the consortium’s financial capacity, and its plans for Chemaf’s operations. The Minister confirmed his decision after consultation with the Minister of Portfolio, who oversees Gécamines S.A., the state mining company and Chemaf’s lease counterparty.
In his letter, the Minister noted that the transaction takes place at the holding company level and does not affect Chemaf S.A.’s legal status, mining rights, or obligations in the DRC. The Government expressed its conviction that completing the acquisition will contribute to revitalizing Chemaf’s industrial operations, stabilizing employment, and strengthening public revenues in the interest of the Congolese State and the affected communities.
The approval letter was transmitted for information to His Excellency the President of the Republic, Her Excellency the Prime Minister, and the Minister of Portfolio.
“This is a defining moment, not just for Virtus, but for everyone who believes in the future of Congolese-American partnership,” said Phil Braun, CEO of Virtus Minerals. “We are grateful to the President, the minister and the many leaders across the DRC who engaged with this process with such seriousness and vision. Their commitment to getting this right, is what made this possible. We intend to honor that commitment with investment, with jobs, and with results.”
Strategic Context
Virtus Minerals, in partnership with Lloyds Metals and Energy Ltd., is advancing the acquisition of Chemaf, a copper and cobalt producer operating in the DRC’s Katanga copper belt. The transaction includes significant planned capital investment to complete the development of Chemaf’s Etoile Phase 2 and Mutoshi projects, which will increase production and provide additional local employment opportunities in a variety of roles.
The Chemaf acquisition is aligned with broader U.S. government efforts to strengthen critical mineral supply chains and reduce dependence on foreign sources for materials essential to energy and advanced manufacturing. The DRC accounts for more than 70% of global cobalt production, the majority of which is produced and processed by Chinese companies.