Intimation of Completion of acquisition of the CHEMAF Group of companies by Virtus Lloyds Minerals Holding, a step-down subsidiary of the Company
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Lloyds Metals and Energy Limited (LMEL) has completed the 100% acquisition of CHEMAF Group, a copper and cobalt mining and processing company in the Democratic Republic of Congo (DRC). The deal was executed through Virtus Lloyds Minerals Holding (VLMH), a joint venture where LMEL's wholly owned subsidiary LGRF holds 49% and US-based Virtus Minerals Group holds 51%. Cash consideration for the acquisition is up to USD 30 million. CHEMAF operates the Etoile processing facility (20,000 TPA copper, 4,000 TPA cobalt) and is developing the Mutoshi mine (planned 50,000 TPA copper, 16,000 TPA cobalt), along with 50+ mining permits in the DRC's Katanga Copper Belt. With this deal, LMEL Group's total DRC production capacity is expected to reach approximately 100,000 TPA of copper and 20,000 TPA of cobalt once expansion projects are completed. The transaction is the first major deal under the US-DRC Strategic Partnership Agreement on critical minerals and has been approved by the DRC government.
This is a significant capacity expansion for LMEL, establishing it as a major global player in copper and cobalt — minerals critical to EVs, energy transition, and defence. The deal diversifies revenue geographically into the DRC and aligns LMEL with US-backed critical mineral supply chains, potentially attracting long-term institutional interest. However, shareholders should note execution risks tied to overseas operations, expansion project timelines, and regulatory/geo-political exposure in the DRC.