Competition for Africa’s mineral riches is heating up, and nowhere is this more apparent than in the Democratic Republic of Congo (DRC), where the world’s hunger for cobalt and copper has triggered a high-stakes contest among U.S., Chinese, and Indian investors. As global demand for electric vehicles, renewable energy, and advanced manufacturing soars, the DRC’s vast mineral reserves have become the epicenter of a geopolitical power play—one that could shape the future of technology and industry for decades to come.
According to reporting from Reuters and other sources, the DRC now accounts for more than 70% of global cobalt supplies and produced approximately 3.3 million metric tons of copper in 2024. These figures alone underscore why so many countries and corporations are vying for a foothold in the region. The latest flashpoint is Chemaf SA, a copper and cobalt producer controlled by the Virji family. Chemaf, despite carrying around $900 million in debt, remains a strategic prize due to its significant reserves at the flagship Mutoshi project and its ongoing expansion at the Etoile mine.
Virtus Minerals Inc., a Delaware-registered firm led by U.S. military and intelligence veterans, has agreed to acquire Chemaf SA and assume all its liabilities, including the substantial debt owed to commodities trader Trafigura Group. Phil Braun, Managing Director of Virtus Minerals, outlined ambitious plans to deploy approximately $750 million in debt and equity to expand production. The deal, if completed, would see Orion Resource Partners providing financing, with Virtus Minerals overseeing operations. This move is emblematic of the U.S. strategy—using financial muscle and strategic partnerships rather than direct operational control in high-risk environments.
The competition for Chemaf is fierce. At least half a dozen bidders are circling the company, reflecting its strategic importance. According to Reuters, potential buyers include United Critical Minerals LLC (chaired by Allied Gold founder Justin Dibb), a subsidiary of India’s Jindal Steel & Power Ltd., Lloyds Metals and Energy Ltd., Global Critical Resources Corp. (controlled by Austrian entrepreneur Cevdet Caner), Buenassa Sarl, and the Congolese state-owned miner Gécamines. This diverse roster signals the growing global appetite for battery metals and the increasingly international character of the contest for Africa’s resources.
The recent surge in interest comes on the heels of a collapsed 2024 sale to a subsidiary of China’s Norinco Group. Congolese authorities declined to approve the transaction, a move widely interpreted as a response to rising geopolitical scrutiny and pressure from Western governments. U.S. officials reportedly urged President Félix Tshisekedi to block the Chinese deal, underscoring the strategic sensitivity surrounding control of minerals that are critical to the world’s technological future.
Chemaf’s Chairman, Shiraz Virji, has been open about the need for new investment to keep the company’s projects moving forward. "I am pleased to have found a new owner that can invest in completing the development of Etoile Phase 2 and Mutoshi, which will be to the benefit of the DRC for decades to come," Virji said, reflecting both the promise and the high stakes of the ongoing negotiations.
This contest for Congolese minerals is taking place within a broader shift in how the U.S. approaches resource security in Africa. As Reuters notes, the U.S. is increasingly using offtake deals and state-backed funding to compete with China for African copper, cobalt, and other critical minerals. Instead of taking on the operational risks of running mines in politically volatile regions, Washington has leaned into offtake agreements—securing rights to a share of a mine’s output in exchange for financing or other support. Notably, the U.S. has struck such deals with trading powerhouse Mercuria and with Gécamines, the Congolese state miner.
"We're already seeing U.S. engagement reshape mineral flows out of Africa," said Thomas Scurfield, a senior analyst with the nonprofit NRGI, ahead of the Indaba mining event in Cape Town. He added, "The U.S. is putting money behind its rhetoric, but it remains to be seen whether it can compete with China's scale and speed." Indeed, both Washington and Beijing are expected to seek new commitments at the Indaba event, with the U.S. sounding out officials on the possibility of a minerals bloc.
The DRC’s state miner, Gécamines, is preparing to ship around 100,000 tons of its Tenke Fungurume copper allocation to U.S. buyers this year, after winning broader marketing rights in a 2023 renegotiation with China’s CMOC. This move is seen as a sign of shifting alliances and the growing influence of U.S.-aligned value chains in a market long dominated by Chinese refiners.
Yet, the contrast in approach between the U.S. and China is stark. As Vincent Rouget, an analyst at Control Risks, explained, "This is the U.S. deploying financial firepower rather than industrial presence. With offtake and trading channels, Washington can redirect Congolese copper to American buyers without taking on the political or operational risks of running mines in the DRC." Chinese firms, by contrast, still control many of Congo’s largest copper and cobalt assets, including Tenke Fungurume and Kamoa-Kakula, and have routed most output to China for refining for over a decade.
KoBold Metals, a U.S.-backed company, exemplifies the cautious, governance-focused approach now favored by many Western investors. KoBold holds more than 3,000 square kilometers in the DRC’s lithium and copper belt but is delaying advancement of projects entangled in disputes. "We will not advance projects which are entangled in disputes, stressing governance standards," said KoBold’s Congolese head, Benjamin Katabuka, in an interview with Reuters. Meanwhile, Chinese operators have proceeded on contested ground, reinforcing their speed-to-market advantage. At the Manono site, one of the world’s largest undeveloped lithium deposits, KoBold will wait for ownership issues to be resolved before production—though if the southern block is secured cleanly, production could start within three years. Zijin, a Chinese company, is already advancing infrastructure on the northern block.
The evolving situation in Central Africa is also being shaped by recent diplomatic efforts. A U.S.-brokered peace agreement between Congo and Rwanda, signed in 2025, is expected to improve investment conditions and reduce conflict risks in one of the world’s richest mining corridors. Analysts suggest this could give U.S.-aligned bidders newfound momentum, making the region more attractive to Western capital and expertise.
Elsewhere, the U.S. strategy of deploying financial incentives rather than building factories is bearing fruit. London-based Pensana recently abandoned plans to build a rare earth refinery in Britain, choosing instead to shift the project to the United States due to stronger U.S. incentives and price guarantees.
As the world’s appetite for batteries, renewable energy, and advanced electronics continues to grow, the DRC’s mineral resources are only likely to become more valuable—and more fiercely contested. The outcome of the current bidding war for Chemaf, and the broader struggle for control over Africa’s mineral wealth, will have far-reaching consequences not just for the companies and countries involved, but for the global economy and the technological future itself.
For now, all eyes remain on Congo’s copper and cobalt fields, as the next chapter in the global minerals race unfolds.