Copper, Cobalt & Lithium Mines: US’ Critical Mineral Growth

American mining company Virtus Minerals is set to acquire Chemaf, a copper and cobalt miner in the Democratic Republic of Congo (DRC), marking a milestone in the US–Congo mineral partnerships. 

The transaction represents part of the US’ ‘Project Vault’, a “landmark initiative” led by the Chairman of the Export-Import Bank of the United States.

The US Government plans to mobilise unprecedented resources to secure critical mineral supply chains, supporting projects with more than US$30bn in letters of interest, investments, loans and other support.

A transformative acquisition

Virtus, leading a consortium, is set to pay US$30m for Chemaf and assume responsibility for restructuring the company’s extensive debts, including a US$600m loan from a Trafigura-led consortium. 

The consortium is said to be planning to invest approximately US$300m to complete Chemaf’s Mutoshi copper-cobalt project, as well as expand operations at the Etoile mine. 

Once completed, these mines are projected to produce 75,000 tonnes of copper cathodes and 25,000 tonnes of cobalt hydroxide annually, positioning Chemaf as a cornerstone of the US–Congo critical minerals strategy.

Official approvals from the DRC government and state-owned Gécamines have already been secured and financial close is expected imminently. 

The Congolese government is set to increase its stake in Chemaf from 5% to 10% under the new ownership structure, signaling continued local participation in the company’s future.

Implications for US–Congo relations

The Chemaf deal is the first commercial transaction arising from the December 2025 US–Congo economic and security partnership, which includes commitments to invest in the DRC’s mineral sector. 

“Under the Trump administration, the US International Development Finance Corporation has invested in and is exploring more than a billion dollars in new mineral exploration deals and strengthened critical mineral supply chains for the United States and U.S. allies,” says the US Department of State in the 2026 Critical Minerals Ministerial press release.

By securing Chemaf, the US gains a near-turnkey operation that can be leveraged to counter Chinese dominance in critical minerals.

The acquisition also ties into broader global efforts to meet the clean energy transition. 

A self-sufficient future

The World Economic Forum estimates that achieving net zero emissions by 2050 will require three billion tons of metal, equivalent to the weight of 300,000 Eiffel Towers, highlighting the critical role of mining in supplying copper, lithium, cobalt and other essential metals. 

According to the International Council on Mining and Metals, “Metals and minerals like copper, lithium, and cobalt are essential for clean energy technologies, from electric vehicles to wind turbines.”

This transaction also fits into a US-led effort to reshape the global critical minerals and rare earths market.

In early 2026, Secretary of State Marco Rubio, joined by senior US officials including Vice President JD Vance and Treasury Secretary Scott Bessent, hosted representatives from 54 countries and the European Commission at the Critical Minerals Ministerial. 

The US announced new bilateral frameworks, financing initiatives exceeding US$30bn and launched the Forum on Resource Geostrategic Engagement (FORGE), all aimed at building secure, diversified and resilient supply chains for essential minerals. 

Initiatives like the Orion–Glencore MOU and Project Vault demonstrate the US government’s commitment to incentivising private sector investment and securing reliable flows of cobalt, copper and other strategic materials, including from the DRC.

The International Energy Agency says, “Lithium, nickel, cobalt, manganese and graphite are crucial to battery performance, longevity and energy density,”

“Rare earth elements are essential for permanent magnets that are vital for wind turbines and EV motors. 

“Electricity networks need a huge amount of copper and aluminium, with copper being a cornerstone for all electricity-related technologies.”