U.S. Firm in Congo Minerals Deal Overstated Mining Experience, Documents Reveal
A U.S. firm, Virtus, involved in a key minerals deal in the Democratic Republic of Congo (DRC) has been found to have overstated its mining experience, according to documents and sources. The firm acquired Chemaf's mines for $30 million, but it did not operate a copper and cobalt processing plant in Congo as claimed, and the plant has been idle since 2012. This deal is the first physical investment under the U.S.-DRC strategic minerals partnership.
Tickers: $VIRT
Topics: corporate misrepresentation critical minerals fraud mining U.S.-DRC partnership