Nagpur: Lloyds Metals and Energy Limited (LMEL), which has taken over CHEMAF Group, a mining company in Democratic Republic of Congo (DRC), early this month by forming a joint venture with US’ Virtus Mineral Group, plans to get its share of cobalt from the African nation to India as well. The sharing formula would depend on the agreement between Indian and American govts as the venture also has a US partner. CHEMAF’s mines are seen a major non-Chinese source of cobalt, a critical mineral, especially when India doesn’t have any major resources of the metal. “The production is expected to start within the current fiscal,” said LMEL’s managing director B Prabhakaran.The company projects an initial output of 20,000 tonnes of cobalt and 60,000 tonnes of copper in a year from the Congo mines. CHEMAF Group has mines in Congo’s Katanga belt, known to be among the biggest copper reserves in the world apart from having sizeable cobalt deposits. LMEL has a strong Vidarbha connect as the company operates a major iron ore mine in Gadchiroli and is also building an integrated steel plant in the district.Talking to TOI at the sidelines of Axis 2026 event at Visvesvaraya National Institute of Technology (VNIT), Prabhakaran said LMEL, which is a 49% partner in the Congo venture, would be handing the mining operations. “As much as 90% of the work that needs to be done for starting the operations has been done,” he said.On the labour problems in the Congo mine under the earlier promoters, he said the issues have been addressed and no retrenchment would happen.The takeover of CHEMAF Group by LMEL-Virtus combine is also seen as major victory for the US govt as it could outmanoeuvre the Chinese players, which were also eyeing the company.
