A mine operated by the Chinese company Commus in Kolwezi, Democratic Republic of Congo, October 13, 2022. JUNIOR KANNAH / AFP
Washington has finally prevailed in a contest with Beijing that lasted more than two years. According to a report published by The Wall Street Journal on Tuesday, March 31, US-based Virtus Minerals has just finalized the purchase of the assets of Congolese company Chemaf, including the Etoile and Mutoshi mines in Katanga, southern Democratic Republic of Congo (DRC), which together account for roughly 5% of global cobalt production.
This deal is the culmination of a mining offensive unveiled on December 4, 2025, with the signing of the Washington Peace Agreement. Brokered by the Trump administration between the DRC and neighboring Rwanda, the agreement aims to end the conflict between Kinshasa and M23 rebels supported by Kigali in the mineral-rich eastern Congo. At the same time, it grants US companies privileged access to the DRC's vast mineral resources. The DRC is the world's leading producer of cobalt and the second-largest producer of copper.
To acquire Chemaf – a company coveted by Beijing as soon as it was put up for sale in 2023 – Virtus Minerals, a young American firm founded in 2022, committed to investing some $700 million. Its partners include India's Lloyds Metals and Energy, as operating partner, and New York-based investment fund Orion Resource Partners.
