backKing & Spalding advised U.S. based critical minerals company, Virtus, and Indian-listed mining and metals company, Lloyds Metals & Energy, on their joint acquisition of the Chemaf group (“Chemaf”).
Chemaf owns one of the world’s largest copper and cobalt mining operations located in the Democratic Republic of Congo and represents a strategically significant component of the international critical minerals supply chain. Chemaf’s assets are capable of producing around 5% of the world’s cobalt, and have been the subject of significant geo-political interest.
The acquisition by the Virtus consortium represents the first US investment into the DRC’s mining sector and is seen as a priority project by the US Government, who has been fully supportive of the transaction.
King & Spalding advised on all aspects of the transaction, including the structuring and negotiation of the acquisition, the joint venture, financing, creditor process and offtake arrangements, and the coordination of regulatory, governmental and stakeholder approvals.
The King & Spalding team was led by London based partner Dan Giemajner, together with J.C. Boggs (Partner, London/Washington, D.C.), Steve Kupka (Partner, Washington, D.C.), Matt Hartsuyker (Partner, Abu Dhabi) and Nadia Cinti (Counsel, London).
Partner Dan Giemajner commented: “We are thrilled for our clients, Virtus and Lloyds; the acquisition of Chemaf is a significant accomplishment and places the team at the centre of the cobalt supply chain. We were delighted to play our part in the transaction, which perfectly encapsulates the strength of the K&S platform. We are able to bring together sophisticated legal and sector expertise and couple that with a one-of-a-kind government advocacy and public policy team – at a time when mining and public policy are so intertwined, it’s a powerful combination that we are proud to make available to our clients.”
Further coverage of the transaction can be found here:
US firm Virtus launches Chemaf transition in Congo mining partnership | Reuters