The U.S. is using offtake deals and state-backed funding to compete in the short term with China in securing supplies of African copper, cobalt and other critical minerals, diplomats, executives and analysts said ahead of this week's Indaba…Washington's focus is on Zambia, Guinea and Democratic Republic of Congo. The latter accounts for more than 70% of global cobalt supplies and produced some 3.3 million metric tons of copper in 2024…Instead of placing U.S. operators in high-risk countries, however, the U.S. is leaning towards offtake and other trading structures such as one it has with Mercuria and arrangements it has with Congolese state miner Gécamines, to edge output into U.S.-aligned value chains dominated by Chinese refiners…"The U.S. is putting money behind its rhetoric, but it remains to be seen whether it can compete with China's scale and speed," Scurfield added…Xiao Wenhao, analyst at Shanghai Metals Market, said China's cobalt supply chain also faces risks as Congo's export restrictions collide with expanding U.S.–DRC cooperation…Chinese firms still control many of Congo's biggest copper and cobalt assets, including Tenke Fungurume and Kamoa-Kakula, and have routed most output to China for refining for more than a decade…Chinese operators, by contrast, have proceeded on contested ground, reinforcing their speed to market advantage.

A firm headed by veterans of the US military and intelligence services has agreed to buy Chemaf SA, a troubled Congolese copper and cobalt producer that’s become a focal point in Washington’s efforts to shore up critical mineral supplies…Virtus Minerals Inc. will pay an undisclosed sum for Chemaf and assume the firm’s liabilities, including debt owed to Trafigura Group, Managing Director Phil Braun told Bloomberg News on Thursday. The Delaware-registered company plans capital investments of $750 million, funded by debt and equity, he said on the sidelines of an event with Congolese President Felix Tshisekedi at the US Chamber of Commerce in Washington…“These are pivotal transactions the US government hopes to see completed quickly to provide positive signals to the rest of the private sector that the DRC is open for business,” Helberg said…The firm has also come to an agreement with Trafigura about settling its debt, Braun said, without providing details…Trafigura arranged a $600 million loan for Chemaf in 2022 to fund the construction of its flagship Mutoshi mine and the expansion of the firm’s existing Etoile operations. Those projects subsequently stalled…The takeover by Virtus still requires approval from Congo’s government and state-owned miner Gecamines, which was lining up its own bid for Chemaf. Gecamines owns a key license that Chemaf leases for the Mutoshi project.

“The U.S. is finally taking important steps to confront our minerals crisis, but this report underscores just how hard it is to put a dent in China’s decades-long strategy to dominate the world’s minerals markets,” said Rich Nolan, President and CEO of the National Mining Association (NMA). “We have an administration and Congress that have united around the need to de-risk our supply chains and reshore minerals production and processing, but it still takes an average of 29 years to bring a mine online in the U.S. That’s far too long. Quick action by the administration has been key in jumpstarting domestic mining efforts but we need Congress to act on permitting reform to create the kind of lasting certainty that mining companies need in order to make long term investments in U.S. projects. China will not relinquish its chokehold on U.S. mineral supply chains easily. We must fully recognize the scale of the challenge before us and commit to doubling down on our efforts to tackle it.”…In 2025, the United States was 100 percent net import reliant for 16 minerals, compared with 15 in 2024, and imports made up more than one-half of the U.S. apparent consumption for 54 nonfuel mineral commodities, up from 46 in 2024…China and Canada were the leading source of mineral commodities with a greater than 50 percent import reliance, with China the lead supplier for eight of these and was a major supplier of six others. 

Korea Zinc said Monday it posted record revenue and operating profit last year, buoyed by a sharp spike in global gold and silver prices as well as rising demand for its metals from the semiconductor, artificial intelligence and defense sectors…The company said its key minerals, including antimony, indium and bismuth, are all vital to semiconductor, AI and defense sectors. But because small countries dominate supply chains for these metals, Korea Zinc said it is cooperating with the US and other countries and investing to strengthen supply stability.

An NWT infrastructure project was recently recognized on a national stage…The project in question is the Tlicho All-Season Road, which received an award in the Environmental, Social, and Governance category at the 2025 National Awards for Innovation and Excellence in Public-Private Partnerships…The Tlicho All-Season Road is a gravel highway that stretches for 97 kilometres, connecting Highway 3 to Whati, and is open at all times. The road was first opened on November 30th of 2021, and ever since, has greatly improved access to healthcare, education, and goods to residents of the Tlicho region, while also improving local tourism…Funding for the road’s construction was provided by both the GNWT, who provided 75%, and the Government of Canada, who provided the remaining 25%. In total, the road cost around $200 million…Tlicho Grand Chief Jackson Lafferty also spoke on the award, saying that “The Tlicho Government is very proud of our successful partnership with the GNWT to build this multi award-winning highway project. The Tlicho Highway project was completed on budget, one year ahead of schedule, and includes one of the first ever equity investments in a P3 project by an Indigenous government in Canada. We are looking forward to investing further on Nation Building Infrastructure projects that benefit our Tłı̨chǫ citizens, businesses, communities, and the NWT.”

Comment: The Tlicho All-Season Road is a key enabler for Fortune’s NICO Cobalt-Gold-Bismuth-Copper Project