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A mining company in the Democratic Republic of Congo backed by commodity trader Trafigura Group has put itself up for sale after a slump in the cobalt price left it struggling to finish key projects.
The deadline has since been extended to allow more time, according to a person familiar with the matter. Chemaf is also open to other deals beyond a full sale of the company, as its priority is a capital injection, and is targeting a valuation of about $1 billion, said the person, who asked not to be identified discussing private information.
The saga also highlights a glaring incongruity across the metals world: at a time when governments and manufacturers around the world are worrying about future availability of critical minerals, prices have tumbled for key metals like cobalt and nickel.Chemaf Resources and its subsidiaries have about $690 million of debt, including about $510 million that has been drawn of the loan arranged by Trafigura, according to the document.
Trafigura declined to comment on the sale process. TDB and Congo’s Mines Ministry didn’t respond to a request for comment.
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