Congolese state-owned miner Gecamines has proposed acquiring Chemaf SA for up to 1 million US dollars before transferring most shares to a new investor, Bloomberg reported. The plan includes Gecamines retaining a 5 percent “free carry” stake, marketing Chemaf’s production to US buyers, and funding at least 20 percent of the incoming investor’s shareholding.

Chemaf, backed by Trafigura Group, abandoned a March sale to a Chinese firm after Congo withheld approvals. The miner owes around 900 million US dollars to creditors, following a 600 million US dollar loan arranged by Trafigura in 2022 for its Mutoshi project, Bloomberg noted.

At least five companies have expressed interest, including Virtus Minerals with Orion Resource Partners, United Critical Minerals LLC, Jindal Steel & Power Ltd., Global Critical Resources Corp., and Buenassa Sarl, which aims to build Congo’s first locally owned copper and cobalt refinery. Some proposals prioritise American offtakers under the recent US-Congo minerals agreement.

Gecamines controls the Mutoshi permit and would guide debt restructuring under the new investor. The deal highlights Congo’s growing strategic importance in the global race for cobalt, copper, and lithium, Bloomberg added.

Chemaf, Trafigura, Gecamines, and other parties declined to comment.