A U.S.-Indian joint venture plans to resume full operations at the Chemaf copper and cobalt mines in the Democratic Republic of Congo by January 2027, according to a union official familiar with the plans.
U.S.-based Virtus Minerals and its partner Lloyds Metals & Energy acquired Chemaf’s assets earlier this year in a deal aimed at revitalising production and repositioning supply chains for critical minerals.
The acquisition, valued at $30 million alongside the assumption of approximately $900 million in debt, forms part of a broader U.S.-backed initiative to shift cobalt and copper supply away from Chinese dominance toward Western markets.
The newly formed entity, Virtus Lloyds Mineral Holding, intends to retain Chemaf’s workforce while accelerating development at key sites in Lubumbashi and Kolwezi. Production at the Lubumbashi operation, currently the company’s only active site will be temporarily suspended for maintenance for up to two months.
Company representatives indicated that construction and preparation work would continue during the shutdown, with the goal of launching simultaneous full-scale production at both locations in early 2027.
Chemaf has faced prolonged operational challenges in recent years, including delays at the Mutoshi project near Kolwezi, which has been largely inactive since 2019 due to weak cobalt prices and financing constraints.
The transition also includes new leadership, with Indian executive A.N. Subramaniyam appointed as chief executive, while existing management is expected to remain in place to ensure operational continuity.
The restart plan underscores growing geopolitical competition over access to critical minerals used in energy transition technologies, particularly in resource-rich regions such as the Democratic Republic of Congo.
