Chemaf undeveloped copper and cobalt licences in Congo. Credit: Chris Wiedenhoff from Pixabay.

Congo’s state-owned miner, Gecamines, has submitted a bid for the cobalt and copper assets of DRC cobalt miner Chemaf Resources (CRL), reported Bloomberg News.

This move comes after the DRC government opposed Chemaf Resources’s sale of its copper and cobalt mines to China’s Norin Mining, arguing that it violates the lease agreements held by state miner Gecamines with Chemaf.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

Norin Mining is a subsidiary of the state-backed China North Industries (Norinco).

In June 2024, Chemaf, a partner of commodities trader Trafigura, agreed to sell its mining assets in the DRC to Norinco.

Chemaf, which has been seeking a buyer for nine months, is still working to close the deal with Norin despite facing opposition from the Congolese Government and Gecamines.

According to a person familiar with the matter, Gecamines is now looking to acquire Chemaf, although further details remain undisclosed.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The Congolese Government holds a 5% stake in Chemaf.

Chemaf initated the sale of its assets as its faced financial difficulties, hindering the expansion of its Etoile and Mutoshi projects amidst falling cobalt prices.

The company believes that the proposed acquisition by Norin would enable the completion of suspended projects and meet creditor obligations.

A spokesperson was quoted by the news agency in an email that the company “remains committed to completing the proposed transaction with Norin Mining, which will enable it to address its overdue loans and trade creditors while securing employment for its local Congolese workforce”.

Chemaf also holds other undeveloped copper and cobalt licences in Congo. It reported approximately $690m (Dh2.53bn) in debt as of September 2023.