Lloyds Metals and Energy has significantly expanded its operational role in Chemaf, a copper-cobalt mining company in the Democratic Republic of Congo, following a recent takeover. A newly released organizational structure shows executives from the Lloyds-Thriveni network occupying key leadership positions, indicating deeper managerial control over the company’s mining assets.
The updated leadership includes Virtus CEO Phillip Braun as Chemaf’s chief executive, while Sooryanarayanan Prabhakaran has been named CEO-designate, responsible for setting up and scaling mining operations. Subramanian Alagappan has also been appointed deputy CEO, bringing extensive experience in large-scale mining projects across multiple countries, though primarily in iron ore and coal rather than copper-cobalt operations.
Lloyds Metals, traditionally an iron ore-focused company, has expanded its global footprint through its partnership with Thriveni Earthmovers, a major mining contractor in India. The group increased its stake in Thriveni to nearly 80% in 2025, strengthening its integrated mining capabilities before expanding into African operations.
The company has also established its first African asset through Surya Mines in the Democratic Republic of Congo, which operates copper and cobalt production facilities and holds multiple mining concessions. This marks a strategic step in building a broader mining presence in the region.
Lloyds is also a major shareholder in Chemaf through its 49% stake in Virtus Lloyds Minerals Holding (VLMH), the acquisition vehicle that purchased Chemaf’s assets for $30 million. Even after partial divestment to the Congolese state, Lloyds is expected to retain significant influence over operations and strategy.
The turnaround of Chemaf faces major challenges, including nearly $1 billion in debt, production restart requirements, project expansion needs, and workforce liabilities. Despite these hurdles, Lloyds has highlighted Chemaf’s long-term production potential, with plans to significantly increase copper and cobalt output through expansion projects, potentially making it a major contributor to the group’s overall mining capacity in the DRC.
