Lloyds Metals and Energy Limited (LMEL) has completed the acquisition of a 49% equity stake in the Chemaf Group through its step-down subsidiary, Virtus Lloyds Minerals Holding (VLMH). The acquisition, valued at up to USD 30 million, marks a significant expansion of LMEL’s presence in the Democratic Republic of Congo‘s (DRC) copper and cobalt sector.
The Chemaf Group, comprising Chemaf Resources Limited and Chemaf SA, operates in the DRC’s Katanga Copper Belt, a region known for its rich copper and cobalt deposits. The group manages the Etoile processing facility and the Mutoshi mine development project, with a current production capacity of 20,000 tonnes per annum (TPA) of copper cathodes and 4,000 TPA of cobalt. An expansion project is underway to increase capacity to 50,000 TPA of copper and 16,000 TPA of cobalt.
VLMH, a joint venture between Lloyds Global Resources FZCO (holding 49% equity) and Virtus Minerals Group, USA (holding 51% equity), serves as the investment holding entity for this acquisition. The transaction aligns with LMEL’s strategy to diversify into critical minerals and establish a global-scale mining platform.
The acquisition has received the necessary approvals from the Government of the Democratic Republic of Congo, which oversees changes in control of entities holding mining permits. No further regulatory approvals are pending.
The Chemaf acquisition is part of a broader strategic initiative under the US–DRC Strategic Partnership Agreement, signed in December 2025, to promote cooperation in critical minerals. This partnership positions LMEL and its joint venture within the framework of US-DRC cooperation, enhancing supply chain security for strategic minerals vital to the energy transition and advanced manufacturing.
Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).