U.S. firm with ex-military ties plots entry into Africa's top copper-producing nation

Business Insider

3 days ago

A consortium of American investors backed by ex-U.S. military veterans is in advanced talks to acquire Chemaf Resources Ltd., a major copper and cobalt producer based in the Democratic Republic of Congo.
A consortium of American investors and former US military personnel is negotiating to acquire a major mineral producer in the DRC
Orion Resource Partners and Virtus Minerals are key players in the deal, with Virtus proposing to manage operations and Orion providing financial backing.
This acquisition aligns with a broader US strategy to reduce China's dominance in the global critical minerals market, particularly within Africa.
The negotiations, involving Orion Resource Partners and Virtus Minerals, reflect a broader push by the United States under President Donald Trump to counter China's dominant position in the critical minerals market, especially in Africa.
The US-owned firms have deep ties to the US military and intelligence community, with expertise in critical mineral supply chains.
Orion, based in New York, manages around $8 billion in mining-related assets, while Virtus operates a Congolese subsidiary, ROK Metals.
Virtus President Gregory Roberts previously served with the CIA and the House Intelligence Committee, and Managing Director Phil Braun is a Green Beret with two decades of military experience.
Under the proposed deal, Orion would finance the acquisition and Virtus would oversee operations. Financial details remain undisclosed.
However, Bloomberg reports that a source familiar with the negotiations says the parties have not yet entered into an exclusivity agreement, as several aspects of the deal remain unresolved.
US's deep interest in Congo's minerals
As the world's second-largest producer of copper and the leading source of cobalt, the central African nation has become a strategic focus in Washington's push to counter China's dominance over global critical mineral supply chains.
The talks are unfolding amid efforts by President Donald Trump's administration to strengthen American involvement in the Democratic Republic of Congo's mining sector.
They are also seen as part of a broader strategy to ease the long-standing tensions between the DRC and Rwanda, disputes that have been deeply rooted in the struggle over control of the region's vast mineral wealth.
Chemaf, which operates significant mining assets across the DRC, is one of Congo's most prominent producers of cobalt, an essential metal for batteries and electric vehicles as well as copper, which structures everything from power grids to electronics.
With Congo being the world's largest cobalt supplier and second-largest copper producer, control over Chemaf offers enormous geopolitical and economic leverage.