U.S. mining company Virtus Minerals acquired copper and cobalt mining company Chemaf, which operates in the Democratic Republic of the Congo, after securing approval from Congolese authorities, The Wall Street Journal reported on March 31. Virtus has reportedly pledged to raise $720 million in financing to upgrade and develop its newly acquired mines and mining licenses, for which Indian mining company Lloyds Metals and Energy will be the operating partner.

The United States and Congo struck a strategic minerals partnership in December 2025 that grants U.S.-linked companies priority access in acquiring certain mining assets in the country. Chemaf's existing mines are thought to be capable of producing 5% of global cobalt production, but the company has an estimated $1 billion in debt. Virtus previously said it would sell all of its future production to American or "U.S.-aligned" buyers.