Qatar’s sovereign wealth fund, the Qatar Investment Authority (QIA), has announced a $180 million investment in TechMet, a mining investment company backed by the US International Development Finance Corporation (DFC). This move is part of Qatar’s strategy to ensure a responsibly sourced supply of critical minerals. These minerals are essential for various industries and technologies.
TechMet, headquartered in Dublin, will use the new funds to develop its current assets and expand its portfolio with strategic projects. These projects aim to scale the production and refining of critical minerals, including lithium, nickel, cobalt, and rare earth elements. TechMet has invested more than $450 million in projects across North and South America, Europe, and Africa since its inception. Some of its significant investments include Brazilian Nickel, Cornish Lithium, EnergySource Minerals, US Vanadium, Trinity Metals, Xerion Advanced Battery Corp, TechMet-Mercuria, Rainbow Rare Earths, REEtec, and Momentum Technologies.
This investment by QIA comes as the US government intensifies efforts to diminish China’s dominance in the critical minerals market. The Biden administration has been actively seeking investments from Saudi Arabia, Qatar, and the United Arab Emirates in US-led projects aimed at extracting and processing minerals for industrial use.
Brian Menell, CEO of TechMet, emphasized the importance of international collaboration in securing the supply of critical minerals. “There’s a recognition it can’t just be domestic mining and processing, and it can’t just be US money,” Menell told the Financial Times. The investment from Qatar is part of a $300 million sixth funding round, advised by Rothschild, which has boosted TechMet’s valuation to over $1 billion. Menell added, “A major sovereign investor coming in alongside the US government accelerates our ability to scale and expand the portfolio and build significant value across critical minerals supply chains.”
TechMet’s mission aligns with global efforts to secure a stable supply of critical minerals necessary for the transition to renewable energy and advanced technologies. The company’s focus on responsible sourcing and sustainability makes it an attractive partner for nations and corporations aiming to reduce their reliance on China for these essential materials.
TechMet’s investments in North and South America, Europe, and Africa demonstrate its commitment to developing a global network of critical minerals supply. The company’s projects are strategically located to capitalize on the abundant mineral resources in these regions. For instance, Brazilian Nickel focuses on developing nickel projects in Brazil, while Cornish Lithium explores lithium deposits in the UK. EnergySource Minerals operates in the US, and US Vanadium specializes in vanadium production, essential for high-strength steel and battery technologies.
