Qatar Sovereign Wealth Fund Invests $180 Million in TechMet to Secure Critical Minerals Supply
Qatar’s sovereign wealth fund, Qatar Investment Authority (QIA), has committed $180 million to TechMet, a mining investment company supported by the US International Development Finance Corporation. This investment is part of QIA’s strategy to secure a responsibly sourced supply of critical minerals, such as lithium, nickel, cobalt, and rare earth elements.
In a recent press release, TechMet announced that the investment will be used to develop its current assets and expand its portfolio with strategic projects focused on scaling the production and refining of key critical minerals.
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TechMet, headquartered in Dublin, has invested over $450 million since its founding in various critical mineral projects across North America, South America, Europe, and Africa. Notable projects in TechMet’s portfolio 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 substantial investment from QIA comes as the US government seeks to reduce China’s stronghold on the global critical minerals market. The Biden administration is actively encouraging key allies, including Saudi Arabia, Qatar, and the UAE, to invest in US-led projects aimed at mining and processing essential minerals for industrial applications.
Qatar, a major US ally in the Gulf and a leading LNG supplier to China, is seen as a strategic partner in this effort. “There’s a recognition that it can’t just rely on domestic mining and processing, nor solely on US funding,” TechMet CEO Brian Menell told the Financial Times.
The $180 million investment is part of TechMet’s $300 million sixth funding round, which is advised by Rothschild. This funding round has increased TechMet’s valuation to over $1 billion, underscoring its growing significance in the critical minerals sector.
“Having a major sovereign investor join alongside the US government enhances our ability to scale up operations, expand our portfolio, and add significant value across the critical minerals supply chain,” added Menell.
This collaboration between Qatar Investment Authority and TechMet signals a strong commitment to building a more diversified and resilient supply chain for critical minerals, aligning with global efforts to ensure a sustainable future.
