The Qatar Investment Authority (QIA), the country’s sovereign wealth fund, has invested $180m (QR655.2m) in Dublin-based mining investment company TechMet.
QIA’s infusion will help TechMet further its efforts to facilitate projects across the entire critical minerals supply chain.
The investment vehicle, which is also backed by the US International Development Finance Corporation (DFC), supports every stage of the critical minerals supply chain including extraction, processing, refining and recycling.
The funds from QIA will be directed towards developing TechMet’s existing assets and expanding its portfolio with initiatives designed to boost the production and refining of essential critical minerals including lithium, nickel, cobalt and rare earth elements.
This investment reflects QIA’s vision of expanding its portfolio across various industrial sectors, with a focus on critical minerals. These resources are crucial for driving the clean energy transition.
The latest announcement helps TechMet attain its $300m (€275.36m) fundraising goal.
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By GlobalData
This includes a follow-on investment from S2G Ventures, which brings its total contribution to $50m, as well as an additional $50m from the DFC.
The recent commitment from the DFC raises the US Government agency’s total investment in TechMet to $105m, building on an initial investment made in 2020.
With a valuation exceeding $1bn, TechMet is now among the largest private investors in the critical minerals supply chain.
TechMet has allocated more than $450m to critical minerals projects since its launch, spanning assets across North and South America, Europe and Africa.
TechMet founder, chairman and CEO Brian Menell said: “QIA’s investment further highlights TechMet’s position as a leading global critical minerals investment company.
“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. We also look forward to working closely with QIA on additional future opportunities.”
