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US Firm Takes Control Of One Of The "World's Largest" Cobalt Producers An American company has secured control of one of the largest cobalt producers outside Chinese ownership, delivering a strategic boost to U.S. efforts to compete with Beijing over critical minerals, according to the Wall Street Journal . The buyer, Virtus Minerals, completed its acquisition of Congo-based Chemaf for $30 million, along with a pledge to invest roughly $720 million. The deal caps a years-long push, spanning both the Biden and Trump administrations, to ensure U.S. access to cobalt resources in the Democratic Republic of Congo. Chemaf’s mines can supply about 5% of global cobalt output—a key material used in fighter jets, smartphones, and electric vehicle batteries. Virtus says future production will be directed toward American and allied buyers. Despite its value, Chemaf proved difficult to sell. U.S. companies were wary of its heavy debt—around $1 billion—along with reputational concerns and the challenges of operating in Congo, including weak infrastructure, corruption risks, and labor issues.