Lloyds Metals and Energy Limited (LMEL) Aims to Export Cobalt from Congo Mines to India Lloyds Metals and Energy Limited (LMEL), which has acquired a majority stake in CHEMAF Group, a mining company operating in the Democratic Republic of Congo (DRC), plans to export its share of cobalt from the African nation to India. The initiative, part of a joint venture between LMEL and US-based Virtus Mineral Group, is expected to begin operations within the current fiscal year. The project’s success hinges on an agreement between the Indian and American governments, as the venture also involves a US partner. CHEMAF Group’s mines, located in the Katanga belt of the DRC, are among the world’s largest copper reserves and hold significant cobalt deposits. India, which lacks major cobalt resources, has long relied on imports to meet its demand for the critical mineral. LMEL’s managing director, B Prabhakaran, stated that the production of cobalt and copper from the Congo mines is projected to reach 20,000 tonnes and 60,000 tonnes annually, respectively. The acquisition of CHEMAF Group by LMEL and Virtus Mineral Group marks a strategic move to secure a non-Chinese source of cobalt, a metal vital for electric vehicle batteries and other high-tech industries. Prabhakaran highlighted that LMEL, which owns 49% of the Congo venture, has already completed 90% of the work required to launch operations. He also addressed concerns about labor issues previously faced by CHEMAF’s earlier promoters, asserting that the problems have been resolved and no layoffs will occur. LMEL’s involvement in the Congo project is also seen as a victory for the US government, which seeks to counter Chinese influence in the global cobalt supply chain.#india #lloyds_metals_and_energy_limited #chemaf_group #democratic_republic_of_congo #virtus_mineral_group
Gadchi-linked Indo-US buyout pips China for Congo’s copper Nagpur: An international corporate buyout with a Gadchiroli connection has emerged as a significant milestone for the Trump administration in the United States, while also offering strategic advantages for India. Lloyds Metals and Energy Limited (LMEL), which operates an iron ore mine in Gadchiroli, has acquired CHEMAF Group, a copper and cobalt mining company based in the Democratic Republic of Congo (DRC). The deal is being celebrated as a major breakthrough, as it establishes a non-Chinese source of critical minerals, particularly cobalt, which is vital for defense and electric vehicle (EV) industries. The acquisition, valued at $250 million, includes the purchase price and is spearheaded by a joint venture between LMEL and the U.S.-based Virtus Mineral Group. This partnership, now operating under the name Virtus Lloyds Minerals Holdings (VLMH), successfully outmaneuvered a Chinese state-owned entity that had also been vying for control of CHEMAF’s operations. CHEMAF’s mining activities are located in the Katanga region, one of the world’s largest reserves for copper and cobalt. Following the acquisition, American Under-Secretary of State Jacob Helberg tweeted on X, emphasizing the significance of the deal: “The U.S. firm Virtus’ acquisition of CHEMAF mines in the DRC is HUGE for America and the people of DRC. Under President Trump’s leadership, the U.S. is back competing in the DRC’s mining sector. This partnership is a linchpin to American economic security.” LMEL’s subsidiary, Lloyds Global Resources FZCO (LGRF), partnered with Virtus Minerals to complete the purchase, securing a 49% stake in CHEMAF. Currently, CHEMAF produces 20,000 tonnes per annum (TPA) of copper cathodes and 4,000 TPA of cobalt.#gadchiroli #lloyds_metals_and_energy_limited #chemaf_group #democratic_republic_of_congo #virtus_mineral_group
