Virtus to Buy Congo Cobalt Miner as US Pact Drives Deals (1)

A firm headed by veterans of the US military and intelligence services has agreed to buy Chemaf SA, a troubled Congolese copper and cobalt producer that’s become a focal point in Washington’s efforts to shore up critical mineral supplies.

Virtus Minerals Inc. will pay an undisclosed sum for Chemaf and assume the firm’s liabilities, including debt owed to Trafigura Group, Managing Director Phil Braun told Bloomberg News on Thursday. The Delaware-registered company plans capital investments of $750 million, funded by debt and equity, he said on the sidelines of an event with Congolese President Felix Tshisekedi at the US ...