Nigeria\u2019s 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\u2019s critical supply chains.<\/p>\n
The Congolese bank Rawbank is also pitching up to $300 million tied to Buenassa\u2019s refinery plan to construct a copper-cobalt refinery in the country\u2019s 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.<\/p>\n
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<\/a> in 2024 but the deal lapsed last year after failing to secure regulatory approval. Chemaf\u2019s flagship Mutoshi mine project is among the assets on a shortlist<\/a> that Kinshasa has recently flagged to US investors under the US\u2013DR Congo minerals partnership<\/a> track.<\/p>\n