US-based Virtus Minerals has finalized the acquisition of Congolese company Chemaf's assets, including the Etoile and Mutoshi mines in southern Democratic Republic of Congo (DRC), a move that concludes a two-year contest with Beijing for control of these significant cobalt-producing sites. This deal, valued at approximately $700 million, grants Virtus Minerals, a firm founded in 2022, privileged access to the DRC's mineral wealth, which is crucial for global cobalt and copper production. The acquisition is linked to the Washington Peace Agreement, signed on December 4, 2025, and brokered by the Trump administration, aiming to resolve conflict in eastern Congo while facilitating US access to its resources. Virtus Minerals' partners in this venture include India's Lloyds Metals and Energy and New York-based Orion Resource Partners.