How Project Vault is Securing the Critical Mineral Pipeline

American mining firm Virtus Minerals is poised to acquire Chemaf, a copper and cobalt miner based in the Democratic Republic of Congo (DRC).

This acquisition marks a significant milestone in the evolving mineral partnerships between the US and the Congo, signalling a shift in global supply chain dynamics.

The transaction is a core component of ‘Project Vault’, a strategic operation led by the Chairman of the Export-Import Bank of the United States.

This project represents a concerted effort by the US Government to mobilise unprecedented resources. The aim is to secure critical mineral supply chains by supporting projects with more than US$30bn in letters of interest, investments, loans and other forms of support.

A transformative acquisition

Virtus, heading up a consortium, will pay US$30m for Chemaf and assume responsibility for restructuring the company’s extensive debts, including a US$600m loan from a consortium led by Trafigura.

The consortium reportedly plans to invest approximately US$300m to finalise Chemaf’s Mutoshi copper-cobalt project and expand operations at the existing Etoile mine.

Once these projects are fully operational, they are projected to yield 75,000 tonnes of copper cathodes and 25,000 tonnes of cobalt hydroxide annually.

This production capacity positions Chemaf as a cornerstone of the broader US–Congo critical minerals strategy.

Regulatory progress has been swift, with official approvals already secured from the DRC government and the state-owned Gécamines. Financial close is expected imminently.

Under the new ownership structure, the Congolese government will increase its stake in Chemaf from 5% to 10%, ensuring continued local participation in the company’s future.

Implications for US–Congo relations

This deal represents the first commercial transaction stemming from the US–Congo economic and security partnership established in December 2025.

The partnership includes firm commitments to invest in the DRC’s mineral sector.

“Under the Trump administration, the US International Development Finance Corporation has invested in and is exploring more than a billion dollars in new mineral exploration deals and strengthened critical mineral supply chains for the United States and U.S. allies,” says the US Department of State in the 2026 Critical Minerals Ministerial press release.

By securing the Chemaf assets, the US gains access to a near-turnkey operation.

This can be leveraged effectively to counter Chinese dominance in the critical minerals sector, a key concern for western procurement strategies.

The acquisition also aligns with broader global efforts to meet the demands of the clean energy transition.

A self-sufficient future

The demand for raw materials is escalating. The World Economic Forum estimates that achieving net zero emissions by 2050 will require three billion tons of metal. This is equivalent to the weight of 300,000 Eiffel Towers, highlighting the critical role of mining in supplying copper, lithium, cobalt and other essential metals.

According to the International Council on Mining and Metals, “Metals and minerals like copper, lithium, and cobalt are essential for clean energy technologies, from electric vehicles to wind turbines.”

This transaction fits into a wider US-led effort to reshape the global critical minerals and rare earths market. In early 2026, Secretary of State Marco Rubio hosted representatives from 54 countries and the European Commission at the Critical Minerals Ministerial. Marco was joined by senior officials including Vice President JD Vance and Treasury Secretary Scott Bessent.

During the event, the US announced new bilateral frameworks and financing initiatives exceeding US$30bn. They also launched the Forum on Resource Geostrategic Engagement (FORGE). These initiatives aim to build secure, diversified and resilient supply chains for essential minerals.

Projects such as the Orion–Glencore MOU and Project Vault demonstrate the US government’s commitment to incentivising private sector investment. The goal is to secure reliable flows of cobalt, copper and other strategic materials from regions including the DRC.

The International Energy Agency says, “Lithium, nickel, cobalt, manganese and graphite are crucial to battery performance, longevity and energy density,”

“Rare earth elements are essential for permanent magnets that are vital for wind turbines and EV motors.

“Electricity networks need a huge amount of copper and aluminium, with copper being a cornerstone for all electricity-related technologies.”