Lloyds Metals Expands Global Footprint with Acquisition of CHEMAF Group in the Democratic Republic of Congo

2026-07-12 01:25:02 Business

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Mumbai, April 1st, 2026: In a major development, Lloyds Metals and Energy Limited (LMEL) has announced the successful acquisition of the CHEMAF Group ("CHEMAF"), 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.
P 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 (approximately INR  14,000  crore) 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.

About Lloyds Metals and Energy Limited

Established in 1977, Lloyds Metals and Energy Limited is a leading player in India's metals and mining industry. With operations in Chandrapur and Gadchiroli, Maharashtra, LMEL is advancing towards a sustainable and integrated steel business. The company operates the largest iron ore mine in India, with plans to increase dispatchable iron ore capacity to 26 MTPA. LMEL is also expanding its DRI production to 0.7 MTPA and has commissioned a 4 MTPA pellet plant, with plans to increase pellet production capacity to a total of 12 MTPA. Additionally, LMEL is establishing its first integrated steel plant with a wire-rod capacity of 1.2 MTPA, followed by a 3 MTPA HRC plant in the future. The company is committed to sustainable practices, including the use of battery-operated vehicles and EV fleets for mining operations, establishing slurry pipelines to reduce carbon emissions, and prioritizing renewable energy solutions.