Congo OKs US Firm’s Deal for Cobalt Miner in Minerals Pact Boost
Raw cobalt at a mine operated by Chemaf SA near Lubumbashi in the Democratic Republic of Congo.
Photographer: Lucien Kahozi/BloombergThe Democratic Republic of Congo indicated it’s approving American firm Virtus Minerals Inc.’s purchase of copper and cobalt miner Chemaf SA, a deal that will help bolster a partnership between the US and the African nation.
Congo’s Mines Minister Louis Watum notified Virtus last week that the state is giving the green light to the agreed takeover, according to people familiar with the matter who asked not to be identified as the information isn’t public. Chemaf was put up for sale in 2023 after running into financial difficulties while building one of the world’s largest cobalt mines.