The Agence de Promotion et de Contrôle des Contrats de Sous-traitance et de Coopération signed a memorandum of understanding with Virtus Co LLC on June 4, 2026, two days after Mines Minister Louis Watum Kabamba met with a Virtus Minerals delegation led by Chief Executive Phil Braun. The document was signed by APCSC Director General Freddy Yodi Shembo and Braun. Its contents have not been made public. The APCSC described the agreement as a partnership aimed at promoting geological exploration, mining project development, and attracting investment.
The APCSC is a public body created in March 2022 and reporting to the Prime Minister's Office, responsible for steering, coordinating, managing, and monitoring the implementation of collaboration and cooperation agreements signed between the Congolese government and private partners, particularly in basic infrastructure and natural resources. According to the Federation of Congo Enterprises, the agency was created partly in response to the perceived underperformance of the Sino-Congolese infrastructure-for-minerals contract.
The mines ministry separately required Virtus to submit monthly activity reports to monitor progress at the Etoile and Mutoshi copper-cobalt projects. Kinshasa approved Virtus Minerals' takeover of Chemaf's assets in March 2026 under the US-DRC strategic partnership signed on December 4, 2025. The two sites are expected to produce approximately 75,000 tonnes of copper and 20,000 tonnes of cobalt hydroxide per year at full capacity. Chemaf also holds approximately 60 mining titles, including around 30 exploitation permits across several provinces.
Several months after the transaction was announced, the financial structure intended to fully revive operations has not been made public. Congolese authorities have repeatedly stressed the need to honour commitments inherited from Chemaf, particularly toward local subcontractors and partners. Neither Virtus — founded by former US military personnel — nor its partner Lloyds Metals and Energy has significant known experience in large-scale industrial copper-cobalt mining in the DRC.
