A US company was accused of exaggerating its mining experience in a key mineral deal with Congo
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Golden Ten Data reported on April 21 that, according to Reuters, a U.S. company that played a central role in the Trump administration’s push to secure critical minerals from Congo exaggerated its mining experience. In March of this year, Virtus acquired a mine from shareholders of Chemaf Mining Company for $30 million. The company claimed on its website that it had experience in Congo due to its operation of a copper and cobalt processing plant. However, Reuters found that Virtus did not acquire the plant. According to company documents, court records related to disputes over the plant’s sale, and five sources with direct knowledge of the matter, the plant has been idle since 2012. The acquisition of the Chemaf mine marks the first tangible investment under the strategic minerals partnership framework signed last year between the U.S. and the Democratic Republic of Congo (DRC). Washington agreed to help Congo attract U.S. investment into the country’s mining sector in exchange for priority access to critical minerals.
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