Chemaf

What Chemaf does

Chemaf SA is a privately held copper and cobalt mining company operating in the Democratic Republic of the Congo, headquartered in Dubai through its parent Chemaf Resources Ltd. and part of the Chemaf Group (Shalina Group Ltd.). Founded in 2001 and granted mining rights to the Etoile mine in 2003, the company has over 20 years of operating history in the Haut-Katanga and Lualaba provinces and currently employs 4,300 people across two operational sites. Chemaf's output consists of two commodity streams: LME Grade A copper cathode and cobalt hydroxide concentrate, both of which are sold into global markets under a B2B sales-led model targeting EV battery manufacturers and the broader clean-energy industrial buyer base, with prices determined by London Metal Exchange reference rates.

Chemaf's core technology stack is built around SX-EW (Solvent Extraction - Electrowinning) processing for oxide ores, augmented by a 5,000-tpd flotation plant and a 400-tpd roaster for sulphide and mixed ore treatment. The operating asset is the Etoile mine in Lubumbashi, which delivered over 275,000 tonnes of copper and 50,000 tonnes of cobalt hydroxide cumulatively over the past two decades and was recognized in 2019 as the world's fourth-largest cobalt mine. Two expansion projects drive the growth pipeline: Etoile Phase II, commissioned in 2023 with a US$144 million processing plant adding 25,000 tpa copper cathode and 4,000 tpa cobalt hydroxide; and the Mutoshi project in Kolwezi, designed for 50,000 tpa copper and 16,000 tpa cobalt hydroxide from an integrated SX-EW complex processing 3.9 million tpa of run-of-mine ore. Combined peak capacity is 75,000 tpa copper cathode and over 20,000 tpa cobalt hydroxide, supported by ISO 9001/14001/45001 certifications and consecutive Responsible Minerals Assurance Process (RMAP) recognition.

Chemaf's revenue model is direct commodity sales under LME-based pricing, with no subscription, SaaS, or other recurring software-style monetization. The company is privately owned and underwent an ownership transition in March 2026 when Virtus Minerals Inc., in partnership with Lloyds Metals and Energy Ltd., acquired Chemaf SA with approvals from the DRC Ministry of Mines and Gécamines S.A., the state mining partner at Mutoshi. The DRC government retains a 5% stake in Chemaf SA. Cumulative capital investment across Etoile Phase II and Mutoshi is US$660 million, of which approximately US$570 million has been deployed and US$250-300 million remains through to production. Chemaf has also been formally identified by the U.S. Department of State as one of three foundational projects for the U.S.-DRC Critical Minerals Strategic Partnership Agreement, positioning the company inside U.S. clean-energy supply chain policy.

Name

Chemaf

Legal name

Chemaf SA

Website

https://chemaf.com

Company type

Private

Founded year

2001

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Chemaf is a privately held DRC-based copper and cobalt producer operating the Etoile mine and developing the Mutoshi project, selling LME Grade A copper cathode and cobalt hydroxide concentrate to global EV battery and clean-energy industrial buyers, with combined peak capacity of 75,000 tpa copper and 20,000+ tpa cobalt hydroxide.

Ownership category

akta.pro rank

Product category

Copper and Cobalt Mining

NAICS

Copper, Nickel, Lead, and Zinc Mining (212230)

SIC

Metal Mining (1000), Primary Smelting & Refining Of Nonferrous Metals (3330)

akta.pro primary industry

Cobalt Mining & Refining (IMAKAFAC)

akta.pro secondary industry

Copper Mine Engineering, EPC & Expansion Projects (IMAKADAM)

Keywords

• Copper cathode production
• Cobalt hydroxide mining
• Critical minerals extraction
• SX-EW processing
• LME Grade A metals

Headquarters

HQ city

Katanga

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Infrastructure, Technology or R&D, Others

Revenue model

1. Copper Cathode Sales: Production and sale of LME Grade A copper cathode, with output capacity of 75,000 tonnes per annum from combined Etoile and Mutoshi operations
2. Cobalt Hydroxide Sales: Production and sale of cobalt hydroxide concentrate, with output capacity of over 20,000 tonnes per annum, used in battery manufacturing for electric vehicles

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Chemaf is a privately-held mineral exploration, development, and production company that mines and processes copper and cobalt ores in the Democratic Republic of Congo, producing LME Grade A copper cathode and cobalt hydroxide concentrate. Its combined operations and development projects (Etoile Mine, Etoile Phase II, and Mutoshi Project) are designed to deliver 75,000+ tonnes of copper cathode and 20,000+ tonnes of cobalt hydroxide per annum at peak capacity for sale to global battery manufacturers, electric vehicle producers, and industrial buyers.

Product overview

Chemaf is a purpose-driven mineral exploration, development, and production company operating in the Democratic Republic of Congo. The company operates a portfolio of copper and cobalt mining assets producing LME Grade A copper cathode and cobalt hydroxide concentrate critical for the global energy transition. The core product portfolio consists of copper cathode (totaling 75,000 tpa capacity across all operations) and cobalt hydroxide (totaling over 20,000 tpa capacity). The operating asset is Etoile Mine in Lubumbashi, while Etoile Phase II represents a life-extending expansion adding sulphide processing capability, and Mutoshi Project is the flagship greenfield development in Kolwezi designed to significantly expand production capacity.

Differentiator

Problem solved

Functional benefit

Products and services

• Copper Cathode LME Grade A copper cathode (greater than 99.99% purity) produced from Chemaf's mining operations, used in electrical wiring, renewable energy infrastructure, and electronics manufacturing. Combined capacity across Etoile Phase II and Mutoshi is 75,000 tonnes per annum.
• Cobalt Hydroxide Cobalt contained in hydroxide salt concentrate, a critical mineral for rechargeable lithium-ion batteries used in electric vehicles and energy storage. Combined capacity across Chemaf's operations is over 20,000 tonnes per annum.
• Etoile Mine Established open-cast copper-cobalt mining operation in Lubumbashi, Haut-Katanga province, recognized as the world's fourth-largest cobalt mine in 2019, with an integrated ISO 9001-certified SX-EW processing plant. Etoile has delivered over 275,000 tonnes of copper and 50,000 tonnes of cobalt hydroxide over its 20-year operating history.
• Etoile Phase II Life-extending expansion project at Etoile involving a new US$128 million processing plant to treat mixed and sulphide ores, adding 25,000 tpa copper cathode and 4,000 tpa cobalt hydroxide capacity.
• Mutoshi Project Large-scale copper-cobalt development project in Kolwezi, Lualaba Province, featuring a fully mechanized open-pit mine and state-of-the-art integrated processing plant with 50,000 tpa copper cathode and 16,000 tpa cobalt hydroxide capacity, designed to be Chemaf's flagship operation.

Named customers2 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Four partnerships are on record, tiered core and major.

• Gécamines S.A.coreStrategic or Co-development Partner · 19 March 2026DRC's state mining company and long-standing lease partner at Mutoshi. The Gécamines partnership underpins Chemaf's Mutoshi operations in Lualaba Province. Gécamines Board approved the acquisition by Virtus Minerals in March 2026.
• DRC Ministry of MinescoreStrategic or Co-development Partner · 13 March 2026DRC government body overseeing mining regulation. The Minister of Mines formally approved the acquisition of Chemaf by Virtus Minerals under the DRC Mining Code, confirming transaction takes place at holding company level without affecting Chemaf's legal status or mining rights.
• DRC GovernmentcoreStrategic or Co-development PartnerThe DRC Government owns 5% of Chemaf SA. Government partnership essential for mining license operations and regulatory compliance.
• U.S. Government (U.S.-DRC Strategic Partnership)majorStrategic or Co-development PartnerChemaf identified by U.S. State Department as one of three foundational projects for the U.S.-DRC Strategic Partnership Agreement on critical minerals, supporting clean energy supply chain development.

Scale indicators9 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• Ivanhoe Mines: Operates the Kamoa-Kakula copper complex in DRC's Lualaba province (same province as Chemaf's Mutoshi project). While copper-focused, it shares the same DRC Katanga belt, processing technologies, and offtake customer base as Chemaf.
• MMG Limited: Through its subsidiary, operates the Kinsevere copper-cobalt mine in Haut-Katanga, DRC, producing copper cathode and cobalt hydroxide. Closely comparable geography, commodity mix, and processing approach to Chemaf's Etoile and Mutoshi operations.
• First Quantum Minerals: Operates the Sentinel copper mine in the DRC's North West province and previously the Frontier mine. Produces copper cathode for global markets with comparable LME-grade output and benefits from similar Western-aligned DRC positioning.
• Eurasian Resources Group (ERG): Operates the Metalkol Roan Tailings Reclamation (RTR) facility in DRC, one of the world's largest cobalt producers from tailings. Directly competes with Chemaf in cobalt hydroxide markets and shares DRC geopolitical exposure.
• Glencore plc: Global mining major that operates the Mutanda and KCC (Kamoto Copper Company) copper-cobalt complexes in the DRC's Katanga belt, making it the most direct comparable in geography, commodity mix, and customer base to Chemaf.
• China Molybdenum (CMOC): Operates the Tenke Fungurume copper-cobalt mine in DRC, one of the largest copper-cobalt operations globally. Direct competitor to Chemaf in the same Katanga copper belt with overlapping product offering (copper cathode and cobalt hydroxide).

Regional players

• Société Minière de Bakwanga (MIBA): DRC state-affiliated mining company and counterpart to Gécamines-style state mining entities. While primarily diamond-focused, it shares the DRC mining regulatory environment and partnership structures that Chemaf navigates with Gécamines.

Broad incumbents

• Umicore: Belgian materials technology group that refines cobalt and produces cathode materials for lithium-ion batteries. Comparable in the cobalt value chain for EV/battery customers, though Umicore is downstream-focused rather than a mining operator.
• Zhejiang Huayou Cobalt: One of the world's largest cobalt refiners and a major Chinese player in the cobalt supply chain. Comparable in serving battery/EV cathode customers with cobalt hydroxide, though operates primarily as a downstream processor rather than a mine-to-metal integrated producer.
• Jinchuan Group: Chinese state-owned mining and metals group that is a major global producer of cobalt and nickel. Comparable in cobalt supply for battery applications and competes in the same end markets as Chemaf's cobalt hydroxide.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/chemaf-s.p.r.l

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Chemaf