Virtus Minerals
Coverage of Virtus Minerals in the Nexus archive.
- US-backed DRC miner strikes deal to cut debt
Chemaf, a US-backed Congolese copper miner, has reached debt settlement agreements reducing its $804 million debt by over half, clearing a major hurdle for its restart. The deal, led by new US-Indian owners Virtus Lloyds, leaves $330 million in remaining debt and aims to secure $260 million for operational projects. The restructuring aligns with the Trump administration's strategy to counter Chinese dominance in critical mineral supply chains.
- Trump gets major win against China in African rare earth minerals race
The Trump administration supported Virtus Minerals in developing cobalt and copper mines in the Democratic Republic of the Congo (DRC), marking the first U.S. rare earth minerals acquisition in the country since the Washington Accord. The initiative aims to counter China's dominance in critical minerals and establish a secure supply chain for the U.S. and allies.