More than two months after the takeover of Chemaf was finalised, the role of Lloyds Metals and Energy, Virtus Minerals' partner in the deal, in the management of the Congolese mining assets is coming into focus. A new Chemaf organisational chart, dated late May to early June and reviewed by Bankable, places several executives from the Lloyds-Thriveni ecosystem in key positions.

The document lists Virtus chief executive Phillip Braun as Chemaf's CEO. It also identifies Sooryanarayanan (Soorya) Prabhakaran, executive director of the Lloyds & Thriveni group, as the copper-cobalt producer's CEO-designate. "He is currently tasked with setting up, operationalising and ramping up Chemaf's mining assets in the Democratic Republic of Congo," the document states.

The new organisational chart also shows Subramanian Alagappan as deputy chief executive. Alagappan is the Lloyds & Thriveni group's country head in the DRC.

Lloyds Metals and Energy, the operator of Chemaf's mining and industrial assets, is historically an iron ore producer, while Thriveni Earthmovers has established itself as one of India's leading private mining contractors, particularly in coal and large-scale mining operations. In 2025, Lloyds strengthened its control over Thriveni by raising its stake to nearly 80%.

Like their employers, the executives now overseeing Chemaf's restart have backgrounds in running large-scale mining operations. Their direct exposure to the copper and cobalt sector, however, remains more limited.

Before taking on responsibility for Chemaf, Soorya Prabhakaran led Thriveni's iron ore operations in the Indian state of Odisha, where he helped double output from 20 million to 40 million tonnes per year.

Subramanian Alagappan has nearly three decades of experience in coal mining, iron ore and large open-pit mining projects in India, Indonesia, China and Mozambique. He also heads Surya Mines SARL, indirectly controlled by the group through its acquisition of 50% of Nexus Holdco, which holds 90% of Surya, according to a group statement dated January 6, 2026.

Key shareholder

Lloyds' first asset in Africa, Surya Mines operates in Haut-Katanga and holds a hydrometallurgical plant at Kitemina with an announced annual capacity of 30,000 tonnes of copper cathodes and 5,000 tonnes of cobalt hydroxide. Operations began there in March 2026, according to a company document. Surya is also carrying out exploration activities across 16 mining concessions in the Likasi region.

Beyond its operational role, Lloyds is also a key shareholder in Chemaf. According to an investor note dated March 30 and obtained by Bankable, the Indian group controls 41% of Virtus Lloyds Minerals Holding (VLMH), the vehicle that acquired 100% of Chemaf's assets for $30 million. Virtus Minerals holds 51%.

Even with the announced transfer of a 10% stake to the Congolese state, Lloyds' weight in Chemaf's shareholding structure is expected to remain significant. The success of efforts to revive Chemaf therefore rests largely on the Indian group. It will need to overcome several challenges: debt estimated at close to one billion dollars, production facilities to restart, the Mutoshi project to complete, and significant social obligations, including arrears owed to more than 3,000 employees and subcontractors.

For now, details of the restart remain limited. In its communications with investors, Lloyds has focused mainly on Chemaf's industrial potential.

According to the Indian group, Chemaf currently has an industrial capacity of 20,000 tonnes per year of copper cathodes and 4,000 tonnes per year of cobalt, centred on the Etoile plant. Once completed, the Mutoshi project is expected to add 50,000 tonnes per year of copper and 16,000 tonnes per year of cobalt. In total, Chemaf's capacity could reach 70,000 tonnes of copper and 20,000 tonnes of cobalt per year, if the expansion projects are completed as planned.

Factoring in Lloyds' other DRC operations through Surya Mines, the Indian group is targeting a total capacity of around 100,000 tonnes of copper and 20,000 tonnes of cobalt per year in the country.

Pierre Mukoko