Virtus Minerals

What Virtus Minerals does

Virtus Minerals Inc. is a privately held, Delaware-incorporated U.S. critical minerals company founded in 2024 and led by veterans of the U.S. military and intelligence community — CEO Phil Braun (former Green Beret) and CFO Andrew Powch (former U.S. Navy EOD officer, ex-McKinsey). The company acquires, develops, and operates copper and cobalt mining and processing assets in the Democratic Republic of the Congo, with the stated mission of supplying ethically sourced, non-adversarial critical minerals to U.S.-aligned defense, battery, and advanced-manufacturing customers.

Its core asset is the March 2026 acquisition of Chemaf SA from Dubai-based Shalina Resources for approximately $930 million (a $30 million equity purchase plus ~$900 million in assumed debt, including roughly $600 million owed to Trafigura). Chemaf owns the producing Etoile mine and the undeveloped Mutoshi copper-cobalt project in the Katanga copper belt, covering facilities in Lubumbashi, Kolwezi, and Mutoshi. Planned output at full restart (targeted January 2027) is 75,000 tonnes of copper and 20,000 tonnes of cobalt annually, equivalent to approximately 5% of global cobalt supply. The company also holds a wholly owned subsidiary, ROK Metals, whose claimed Likasi processing plant was reported in April 2026 by Reuters to have been idle since 2012 and never acquired by Virtus — a credibility issue that also led to USAID suspending a $2 million grant to ROK in August 2024.

Virtus's go-to-market is enterprise field sales to Western-aligned buyers, anchored by a consortium structure with India's Lloyds Metals and Energy (joint venture partner in the acquisition), Orion Resource Partners ($600 million of the ~$800 million financing package), and US Strategic Metals (MOU directing Chemaf production to USSM's Fredericktown, Missouri hydrometallurgical facility for the U.S. defense industrial base). Minerals are planned for export via the U.S.-backed Lobito Corridor through Angola. Distribution is handled entirely through long-term offtake arrangements rather than direct or channel sales, and pricing is dictated by global copper and cobalt market conditions. The transaction is the first physical investment under the U.S.-DRC Strategic Partnership Agreement (Washington Accords, December 2025), with direct U.S. State Department support, and has received DRC Ministry of Mines and Gécamines S.A. approvals.

Name

Virtus Minerals

Legal name

Virtus Minerals Inc.

Website

https://virtusminerals.com

Company type

Private

Founded year

2024

Operating status

Operating

Headcount range

1–10 employees

Short description

Virtus Minerals is a U.S.-based critical minerals company that acquired Chemaf SA's copper and cobalt mining assets in the DRC's Katanga belt in March 2026, supplying ethically sourced minerals to U.S. defense and battery manufacturers via the Lobito Corridor and US Strategic Metals.

Ownership category

akta.pro rank

Product category

Critical Minerals Mining

NAICS

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

SIC

Metal Mining (1000)

akta.pro primary industry

Mine Development & Processing EPC (Critical Minerals) (IMAKAFAM)

akta.pro secondary industries

Copper Ore Mining (Open-Pit & Underground) (IMAKADAB), Exploration & Resource Development (Critical Minerals) (IMAKAFAL), Copper Concentrate Trading & Marketing (IMAKADAI)

Keywords

• Copper mining
• Cobalt mining
• Critical minerals
• Mineral processing
• Mining operations

Headquarters

HQ city

Montréal

HQ country

Canada

HQ region

North America

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Copper and Cobalt Mineral Sales: Production and sale of copper and cobalt minerals extracted from Chemaf's Etoile and Mutoshi mines in the DRC's Katanga copper belt. Target production of 75,000 tonnes of copper and 20,000 tonnes of cobalt annually. Minerals exported via Lobito Corridor through Angola to U.S.-aligned buyers.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

Virtus Minerals is a U.S.-based critical minerals company that produces and sells ethically sourced copper and cobalt through its acquisition of Chemaf SA's mining operations in the Democratic Republic of Congo. The company extracts and processes copper-cobalt ore from the Etoile and Mutoshi mines in the Katanga copper belt, with planned annual production of 75,000 tonnes of copper and 20,000 tonnes of cobalt exported via the U.S.-backed Lobito Corridor to U.S.-aligned defense and industrial customers.

Product overview

Virtus Minerals is a U.S.-based critical minerals company focused on copper and cobalt mining and processing operations in the Democratic Republic of Congo. The company operates through its acquisition of Chemaf SA, which includes the producing Etoile mine and the undeveloped Mutoshi copper-cobalt project in the Katanga copper belt. Operations encompass copper and cobalt extraction and processing, with minerals planned for export via the Lobito Corridor through Angola. The joint venture with India's Lloyds Metals and Energy is restarting production across Lubumbashi, Kolwezi, and Mutoshi facilities targeting January 2027.

Differentiator

Problem solved

Functional benefit

Products and services

• Etoile Mine A producing copper and cobalt mine in the DRC's Katanga copper belt operated by Chemaf and acquired by Virtus Minerals, with Etoile Phase 2 expansion plans underway to increase production capacity toward 75,000 tonnes of copper and 20,000 tonnes of cobalt annually.
• Mutoshi Project An undeveloped copper-cobalt mining project in the Kolwezi region of the DRC, planned for simultaneous restart with copper and cobalt production targeting January 2027 as part of the Chemaf acquisition.
• Copper and Cobalt Processing Operations Hydrometallurgical processing facilities for copper and cobalt ore extraction and refinement located at the Chemaf Etoile and Mutoshi sites, with planned processing capacity of 75,000 tonnes of copper and 20,000 tonnes of cobalt annually upon restart in 2027.
• Chemaf Copper and Cobalt Operations The integrated copper and cobalt mining and processing operations in the DRC's Katanga copper belt, including the Etoile and Mutoshi mines and associated processing facilities, acquired through a $30 million purchase with approximately $750 million in planned capital investment to restart production.

Quantifiable outcome

• Reduce China's reported 80% dominance of DRC cobalt production

Named customers1 record

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Five partnerships are on record, tiered core.

• Lloyds Metals and Energy Ltd.coreStrategic or Co-development Partner · 1 March 2026Indian joint venture partner in the $930 million acquisition of Chemaf from Dubai-based Shalina Resources. Lloyds contributed equity alongside Virtus Minerals, with the joint venture representing a U.S.-India partnership model to establish alternative critical mineral supply chains competing with Chinese dominance. Operations target simultaneous restart of copper and cobalt production across Lubumbashi, Kolwezi, and Mutoshi facilities.
• US Strategic MetalscoreStrategic or Co-development PartnerMOU signed in Kinshasa establishing framework for directing cobalt and copper production from Virtus's Chemaf mining assets to USSM's multi-metallic hydrometallurgical processing facility in Fredericktown, Missouri. Partnership aims to strengthen U.S. defense industrial base supply chains by securing ethically sourced critical minerals and reducing dependence on adversary-controlled sources.
• Chemaf SAcoreOthersCongolese copper and cobalt producer acquired by Virtus Minerals and Lloyds Metals joint venture in March 2026. Chemaf operates Etoile and Mutoshi mines in the Katanga copper belt, with facilities in Lubumbashi, Kolwezi, and Mutoshi. The acquisition assumed approximately $900 million in existing debt alongside the $30 million equity purchase.
• Gécamines S.A.coreStrategic or Co-development PartnerDRC state-owned mining company that is counterparty to Chemaf's mining lease at Mutoshi. Gécamines Board of Directors approved the Virtus Minerals acquisition of Chemaf in March 2026. The state miner maintains a key role in DRC's mining sector governance and is central to the transaction's regulatory framework.
• U.S. Department of StatecoreStrategic or Co-development PartnerU.S. government body that signed the Strategic Partnership Agreement on critical minerals with the DRC as part of the Washington Accords in December 2025. The State Department identifies Virtus Minerals' Chemaf acquisition as one of three foundational projects for the U.S.-DRC partnership, representing direct U.S. government support for the transaction.

Scale indicators5 records

Recent moves6 records

Expansion highlights6 records

Others

• US Strategic Metals: U.S. downstream hydrometallurgical processor and Virtus's MOU partner; adjacent/ecosystem comparable as a U.S.-aligned critical-minerals refining counterparty serving the same defense customer base.
• Trafigura: Largest secured creditor in the Chemaf deal (~$600M owed); key counterparty, commodity trader, and potential partner/funding source — directly comparable for offtake and trading economics in DRC cobalt/copper.

Direct peers

• Eurasian Resources Group (ERG): Privately-held operator of multiple DRC copper-cobalt assets (e.g., Boss Mining, Frontier); directly comparable as a non-listed, privately-financed miner in the same jurisdiction and commodities.
• Ivanhoe Mines: Develops the Kamoa-Kakula copper complex in the DRC; a direct peer in DRC copper mine development with comparable capex scale, Western listing, and tier-1 institutional backing.
• Glencore: Operates Mutanda and other major DRC copper-cobalt assets; same commodity set, same geography, and the dominant Western-listed benchmark for cobalt and copper production economics.
• Shalina Resources: Previous owner of Chemaf SA prior to Virtus's $930M acquisition; relevant comparable for DRC copper-cobalt operating model and benchmark for transaction value calibration.
• China Molybdenum (CMOC): Largest foreign operator in the DRC copper-cobalt belt (Tenke Fungurume), directly comparable as a non-Western miner competing for the same concession, processing, and offtake economics.

Broad incumbents

• Eramet: French mining group with cobalt-nickel operations and active DRC interest; comparable as a Western diversified miner with critical-minerals exposure and government-aligned ownership.
• Sumitomo Metal Mining: Japanese diversified miner with copper and cobalt operations; broad incumbent for benchmarking non-Chinese critical-minerals production and ESG-grade supply positioning.
• MMG Limited: Mid-tier diversified base-metals miner with copper and cobalt exposure (Kinsevere in DRC), a broad incumbent for benchmarking copper-cobalt operating performance and capex discipline.

Market position

Strengths1 record

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/virtus-minerals-corporation-ltd

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 Virtus Minerals