Qatar’s sovereign wealth fund enters the critical minerals sector with a multi-million-dollar investment, and China published export data in this otherwise tame 32nd week of the year.
Qatari Sovereign Wealth Fund Invests in Critical Raw Materials
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.
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China: Rare Earth Exports Decline Year-on-Year
According to data from the Chinese customs authority, 4,937 tons of rare earths were exported from the People’s Republic in July, a nine percent decrease compared to the same month last year. Compared to June 2024, there was an increase of just under 2.2 percent. 34,032 tons of this raw material group have been exported this year so far.
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Chips: SK Hynix Awarded $950 Million in Grants, Loans for Facility in Indiana
South Korean chipmaker SK Hynix signed a non-binding agreement with the U.S. Department of Commerce over $450 million in grants and $500 million in loans to construct a chip packaging and AI R&D facility in West Lafayette, Indiana. In April, the company committed to invest $3.87 billion into the plant. With the now-signed agreement, the U.S. Government has announced subsidies for all five of the world’s largest chip companies: SK Hynix, Micron, Intel, Samsung, and Taiwan Semiconductor Manufacturing Co.
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MP Materials and Lynas: Could a Merger Happen After All?
At the beginning of this year, there were rumors of a possible merger between the two most important rare earth miners outside China, MP Materials from the United States and the Australian group Lynas. However, the talks between the two companies, subsequently confirmed, were put on hold as no agreement could be reached at a business level, as Lynas CEO Amanda Lacaze explained at a press conference at the Diggers & Dealers Mining Forum in Kalgoorlie, Australia. Nevertheless, Lacaze remains optimistic about a possible cooperation between the two companies, The West Australian reports.
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