Mining Diversification: The US Mineral Supply Chain Move
The acquisition of Chemaf by American mining company Virtus Minerals could represent a significant shift in critical mineral supply chains, as the United States seeks to diversify sourcing for copper and cobalt away from Chinese-dominated networks.
The transaction, centred on operations in the Democratic Republic of Congo (DRC), forms part of Project Vault, a broader initiative to restructure global supply chains for materials essential to clean energy technologies.
The deal involves Virtus leading a consortium to acquire Chemaf for US$30m while assuming responsibility for restructuring the company's debts, including a US$600m loan from a Trafigura-led consortium. The consortium plans to invest approximately US$300m to complete Chemaf's Mutoshi copper-cobalt project and expand operations at the Etoile mine.
Once operational, these facilities are projected to produce 75,000 tonnes of copper cathodes and 25,000 tonnes of cobalt hydroxide annually, creating new supply routes for materials currently flowing predominantly through Chinese-controlled channels.
Restructuring global mineral flows
The Chemaf acquisition emerges from the December 2025 USāCongo economic and security partnership, which includes commitments to invest in the DRC's mineral sector. Official approvals from the DRC government and state-owned GĆ©camines have been secured, with financial close expected imminently.
Under the new ownership structure, the Congolese government is set to increase its stake in Chemaf from 5% to 10%.
"Under the Trump administration, the US International Development Finance Corporation has invested in and is exploring more than a billion dollars in new mineral exploration deals and strengthened critical mineral supply chains for the United States and US allies," says the US Department of State in the 2026 Critical Minerals Ministerial press release.
The transaction provides the US with access to a near-turnkey operation that could offer an alternative to Chinese-dominated supply chains.
According to the International Council on Mining and Metals, "Metals and minerals like copper, lithium, and cobalt are essential for clean energy technologies, from electric vehicles to wind turbines."
Sustainability, procurement and supply chain leaders won’t want to miss Procurement & Supply Chain LIVE, taking place at Navy Pier, Chicago, on April 21–22.
Co-located with Sustainability LIVE: The US Summit, the event unites senior decision-makers at a time when supply chains, sustainability and business performance are more interdependent than ever.
Secure your place now for The US Summit – group booking discounts available.
Securing materials for energy transition
The World Economic Forum estimates that achieving net zero emissions by 2050 will require three billion tonnes of metal, equivalent to the weight of 300,000 Eiffel Towers. This demand is driving efforts to establish diversified supply chains for copper, lithium, cobalt and other essential metals.
In early 2026, Secretary of State Marco Rubio, joined by Vice President JD Vance and Treasury Secretary Scott Bessent, hosted representatives from 54 countries and the European Commission at the Critical Minerals Ministerial.
The gathering focused on building secure, diversified and resilient supply chains for essential minerals through new bilateral frameworks and financing initiatives exceeding US$30bn. The Forum on Resource Geostrategic Engagement (FORGE) was launched to coordinate these efforts.
Initiatives including the OrionāGlencore MOU and Project Vault demonstrate attempts to incentivise private sector investment in alternative supply routes for cobalt, copper and other strategic materials from the DRC.
The International Energy Agency says, "Lithium, nickel, cobalt, manganese and graphite are crucial to battery performance, longevity and energy density. Rare earth elements are essential for permanent magnets that are vital for wind turbines and EV motors. Electricity networks need a huge amount of copper and aluminium, with copper being a cornerstone for all electricity-related technologies."
Broader reconfiguration of supply networks
The Chemaf transaction could signal broader reconfiguration of critical mineral supply networks, as governments seek to reduce dependencies on single-source suppliers while meeting accelerating demand from clean energy sectors.
