TechMet plans to expand its portfolio of resource projects with new funding.
The Qatar Investment Authority (QIA), the emirate’s sovereign wealth fund, will invest $180 million in TechMet. This investment company specializes in the development of value chains for critical raw materials, from extraction to processing and recycling. One of TechMet’s largest shareholders is the U.S. International Development Finance Corporation, the development bank of the United States. TechMet plans to use the additional funds to expand its portfolio with strategic projects ranging from lithium to cobalt and rare earths.
Among other things, TechMet has invested in the Norwegian company REEtec, which is developing rare earth separation technologies. REEtec’s largest shareholder is the Swedish state-owned company LKAB, which made headlines last year with the discovery of a large rare earth deposit. Together with REEtec, this raises hopes for the emergence of a European supply chain for rare earths. Brian Menell, founder, chairman, and CEO of TechMet, is encouraged by Qatar’s entry and the U.S. commitment and wants to create “significant across critical mineral supply chains,” according to the press release published Wednesday.
Qatar wants to establish itself in the market for strategically important raw materials and use its neutrality in the disputes between the United States and China to its advantage, comments the Financial Times (paywall). The Gulf state maintains close diplomatic relations with both countries.
Photo: Dazman via Canva
