The Democratic Republic of Congo has approved the sale of copper and cobalt producer, Chemaf to US-based Virtus Minerals, in a transaction that underscores Washington's intensifying efforts to secure critical mineral supplies from Africa.

Congo's mines minister, Louis Watum, communicated the government's decision in a letter to Virtus, according to a source familiar with the process. The approval, required under Congolese law for the transfer of mining assets, clears the way for completion of a share purchase agreement signed earlier this year.

Bloomberg reports that Virtus will pay approximately $30 million for Chemaf's equity, while committing significant capital to complete and expand the company's mining projects. The US firm will also assume outstanding liabilities tied to earlier financing arrangements.

Chemaf, which was put up for sale in 2023 after encountering financial difficulties while developing one of the world's largest cobalt projects, operates the Mutoshi and Etoile mines—largely developed assets seen as near-term sources of copper and cobalt supply.

The transaction aligns with a broader strategic partnership signed in December between Kinshasa and Washington, aimed at granting US investors greater access to Congo's vast reserves of critical minerals. Congo holds some of the world's largest cobalt reserves, making it central to global energy transition supply chains.

The government's decision followed consultations with state-owned miner, Gécamines, which holds key permits used by Chemaf. The approval also reflects growing pressure to bring the assets back online after construction delays and mounting debt levels.

Notably, a previous attempt to sell Chemaf to a Chinese buyer failed after Congolese authorities withheld approval—highlighting Kinshasa's increasing assertiveness over strategic mining assets.

The transaction comes as the United States steps up efforts to reduce reliance on China-dominated supply chains for battery metals essential to electric vehicles and renewable energy storage.

Despite the approval, questions remain about execution. Virtus has limited experience operating large-scale mining assets and is expected to rely on partners, while additional funding will be needed to bring the mines to full production capacity.

At full capacity, Chemaf's operations are projected to produce substantial volumes of copper and cobalt, potentially positioning the asset as a significant contributor to diversified global supply chains for the energy transition.