Lloyds Metals and Energy Completes Acquisition of CHEMAF Group
March 30, 2026 – Lloyds Metals and Energy Ltd. announced the completion of the acquisition of 100% equity stake of CHEMAF Group Limited, comprising Chemaf Resources Limited, Chemaf SA and associated entities, by Virtus Lloyds Minerals Holding (VLMH).VLMH is a joint venture between Lloyds Global Resources FZCO (LGRF), a wholly owned subsidiary of Lloyds Metals and Energy, holding 49% equity, and Virtus Minerals Group, USA, holding 51% equity. The CHEMAF acquisition marks the first major transaction executed under this framework.
CHEMAF operates copper and cobalt mining and processing companies in the Democratic Republic of Congo (DRC). The company operates the Etoile processing facility and the Mutoshi mine development project in the Katanga Copper Belt, DRC. Current capacity is 20,000 tons per annum (TPA) of copper cathodes and 4,000 TPA of cobalt. An expansion project, currently in an advanced stage of completion, aims for 50,000 TPA of copper and 16,000 TPA of cobalt. CHEMAF also holds more than 50 mining permits and exploration licenses across the DRC. Turnover for the calendar year 2025 was USD 154 million.
The acquisition aligns with the company’s strategy to diversify into critical minerals. With this acquisition, Lloyds Metals and Energy Group’s total production capacity in the DRC is expected to reach approximately 100,000 TPA of copper and 20,000 TPA of cobalt upon completion of ongoing expansion projects.
The Government of the Democratic Republic of Congo has approved the change of control in CHEMAF Group.
The consideration for the acquisition of 100% equity of CHEMAF is up to USD 30 million.
| Particulars | Details |
|---|---|
| Name of the target entity | CHEMAF Group Limited (Comprising of Chemaf Resources Limited, Chemaf SA as controlled subsidiaries and associated entities) |
| Turnover (Calendar year 2025) | 154 Million USD |
| Industry | Mining and hydrometallurgical processing of critical minerals - Copper and Cobalt |
| Percentage of shareholding acquired | 100% |
| Consideration | Up to USD 30 Million |
The acquisition is being executed in the context of the US-DRC Strategic Partnership Agreement, under which the United States and the DRC have agreed to promote cooperation in critical minerals.
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