Buenassa and Gécamines Compete for Control of Chemaf Mining Assets

Chemaf Sale Highlights Clash Over Mining Sovereignty and Critical Minerals Strategy in the DRC

In Katanga, the future of the Chemaf mining company has emerged as one of the most sensitive and closely watched issues in the Congolese mining sector.

The contest between Buenassa and state-owned Gécamines reflects two competing visions of mining sovereignty in the Democratic Republic of Congo, against a backdrop of intensifying global competition for critical minerals, particularly copper and cobalt.

Buenassa recently announced that it was seeking financial support to acquire a strategic local mining asset in Katanga, which is currently for sale.

Sources indicate that the asset in question is Chemaf, a copper and cobalt producer whose operations are regarded as strategically important.

For Buenassa, the stakes extend well beyond acquiring a mining company. The purchase of Chemaf would accelerate vertical integration, from extraction to refining, while securing feedstock for the company’s planned refinery for more than 20 years.

The goal is to transform Buenassa from a greenfield industrial project into a fully integrated mining and processing operator, combining extraction with local value addition.

This strategy contrasts with the approach reportedly favoured by Gécamines. The state-owned miner is considering acquiring Chemaf and then divesting most of the asset, retaining a stake of up to 25%. Under this scenario, production would be marketed internationally, in line with strategic agreements.

Buenassa, by contrast, is promoting a clearly industrial strategy aligned with government policy on local mineral processing. While the financial terms of its bid have not been disclosed, Gécamines is reportedly planning an entry cost under $1 million, followed by an audit and a debt restructuring programme estimated at around $900 million.

Securing an operating mining asset is central to Buenassa’s financial credibility. Ownership of Chemaf would significantly strengthen the bankability of its project, whose first phase is estimated at $700 million, targeting annual production of 30,000 tonnes of copper cathodes and 5,000 tonnes of cobalt sulphate. A second phase, valued at approximately $2 billion, would lift capacity to 120,000 tonnes of copper and 20,000 tonnes of cobalt per year.

Project timelines have recently been revised. The pre-feasibility study is now expected in early 2026, followed by a feasibility study in 2027 and financial close in the third quarter of that year. Production is not anticipated to begin before 2029.

Buenassa is pursuing a financing structure that combines African banks, development finance institutions, international partners, and the Congolese state, which holds a 10% stake in the project. Competition remains intense.

As the sole shareholder of Gécamines and a shareholder in both Buenassa and Chemaf, the Congolese state will ultimately have to arbitrate a case with major industrial, financial, and geopolitical implications.

A strategic partnership between Gécamines and Buenassa, possibly within a consortium that includes international partners, is increasingly seen as the most realistic outcome, extending broader strategic collaboration in the country.