A US investment group featuring ex-military personnel is working to buy Chemaf Resources, a mining firm in the Democratic Republic of Congo that has emerged as a key battleground in US-China rivalry over African mineral resources, according to a report by Bloomberg News on Thursday.
Orion Resource Partners and Virtus Minerals are in talks to purchase the copper and cobalt producer, which has backing from commodity trader Trafigura, said the newswire. Sources close to the matter say the American companies are best positioned to complete the deal, though final terms are still being worked out.
The potential takeover comes as Donald Trump’s government pushes for stronger American presence in Congo’s mining sector. The country ranks as the globe’s second-biggest copper producer and largest cobalt supplier, making it vital to US efforts to break China’s dominance over essential mineral markets.
Chemaf’s owner, businessman Shiraz Virji, put the company up for sale almost two years ago after facing funding difficulties for major projects. A previous agreement with Chinese state weapons manufacturer Norinco Group fell through in March when Congolese authorities refused approval, following resistance from state mining company Gecamines and pressure from Washington, said Bloomberg News.
Orion, based in New York, oversees roughly $8bn in investments spanning private equity and commodity trading. Virtus runs mining operations in Congo through its ROK Metals division, which bought a processing facility in 2023. The firm’s leadership includes former CIA operatives and Special Forces veterans specialising in strategic minerals.
If successful, Orion would finance operations while Virtus manages day-to-day activities, said Bloomberg News.
