Nigeria’s United Bank for Africa is drafting a $50 million working-capital facility for Congolese metals trader Buenassa to support its bid to acquire Chemaf, the Trafigura-backed copper-cobalt producer, according to documents reviewed by Semafor. The move comes as banks and mining corporations on the continent prepare for US-aligned mineral deals at a time when the White House is vying to outdo China in securing DR Congo’s critical supply chains.

The Congolese bank Rawbank is also pitching up to $300 million tied to Buenassa’s refinery plan to construct a copper-cobalt refinery in the country’s southeastern Lualaba region, according to a note seen by Semafor. The note, dated Nov. 14, 2025, says the mandate is non-exclusive and frames the funds as part of a wider financing and advisory package. It also references a broader $700 million phase 1 financing project for the refinery project, where Rawbank would offer advisory services alongside financing. In a private exchange seen by Semafor, the bank signaled it would be open to participating in financing a Chemaf acquisition.

Chemaf, which is headquartered in Dubai, has been in a sale process since late 2023 after an earlier agreement to sell the company to a Chinese buyer was announced in 2024 but the deal lapsed last year after failing to secure regulatory approval. Chemaf’s flagship Mutoshi mine project is among the assets on a shortlist that Kinshasa has recently flagged to US investors under the US–DR Congo minerals partnership track.

There is growing interest and competition to secure mining and processing rights to DR Congo’s minerals. State miner Gécamines has also proposed an approach to acquire Chemaf and bring in a new investor while marketing output to US buyers, adding another route to the same asset.

Buenassa CEO Eddy Kioni told Semafor the company was open to teaming with Gécamines and US partners, aiming to direct output “mainly to the United States.”

UBA’s DR Congo office declined to comment, and Rawbank did not immediately respond to Semafor’s requests for comment.