Mumbai, Apr 1: In a major development, Lloyds Metals and Energy Limited (LMEL) has announced the successful acquisition of the CHEMAF Group comprising Chemaf Resources Limited, Chemaf SA, and associated entities leading copper and cobalt mining and processing companies operating in the Democratic Republic of Congo (DRC). The acquisition was executed on March 27, 2026, through Virtus Lloyds Minerals Holding (VLMH), a joint venture between entity of Lloyds Metals (49%) and Virtus Minerals Inc., a US-headquartered mining investment company.
Located in the heart of the Katanga Copper Belt – one of the richest copper‑cobalt geological zones in the world—the CHEMAF assets significantly enhance Lloyds Metals’ footprint in critical minerals essential to the global energy transition. The DRC holds over 70% of the world’s cobalt reserves and is among the largest producers of copper globally.
Sooryanarayan Prabhakaran, the Managing Director of the Lloyds Operations in Congo, said
“This acquisition marks the first transaction executed under the U.S.–DRC Strategic Partnership Agreement, signed in Washington, D.C., on December 4, 2025. This landmark pact promotes cooperation in critical minerals—copper, cobalt, lithium, and tantalum—between the United States and the DRC, advancing secure, sustainable, and transparent global supply chains. “
Through VLMH, Lloyds Metals will operate and run the acquired mining and processing assets and manage the entire value chain from mine development to offtake. Upon completion of ongoing expansion projects, the production capacity in the DRC is projected to reach approximately 100,000 tonnes per annum (TPA) of copper and 20,000 TPA of cobalt, with peak revenues estimated at USD 1.5 billion annually.
The acquisition underscores Lloyds Metals’ transformation from one of India’s major iron and steel companies into a global mining enterprise. It strategically positions the Group within international efforts to diversify critical mineral supply chains and support the accelerating clean‑energy and electric‑vehicle revolution
“This acquisition represents a definitive step in the evolution of Lloyds Metals as a globally integrated mining group,” said Mr. B. Prabhakaran, Managing Director, Lloyds Metals and Energy Limited. “By establishing a foothold in one of the world’s most resource‑rich regions, we are laying the foundations for long‑term value creation, technological collaboration, and sustainable growth across the copper and cobalt value chains. It is a step that reflects both our confidence in the future of critical minerals and our commitment to building resilient global partnerships that power the energy transition.”
With the completion of this acquisition, Lloyds Metals joins the ranks of international mining players contributing to a more resilient and diversified global minerals ecosystem.
