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QIA sinks USD 180 mn into Dublin-based mining company: Qatar Investment Authority (QIA) has invested USD 180 mn in Dublin-based critical minerals investment company TechMet, according to a press release (pdf). This investment has helped TechMet close its funding round after reaching its USD 300 mn target, with a USD 50 mn contribution from the US International Development Finance Corporation (DFC) and an additional USD 50 mn from S2G Ventures.
Where are the funds going? Funds will be used to develop existing assets and scale the production of critical minerals such as lithium, nickel, cobalt, and rare earths, which are essential for the clean energy transition, the statement said. The investment will accelerate TechMet's ability to expand its portfolio and enhance the value across critical mineral supply chains.
Knocking China down a peg: This is the first collaboration between a western and Gulf state that aims to reduce China’s dominance in critical minerals for clean energy, according to the Financial Times. The US has been working on reducing China's control over essential minerals like rare earths, lithium, and cobalt, including lobbying wealthy Gulf states such as Saudi Arabia, Qatar, and the UAE to invest in US initiatives for extracting and processing these minerals.
About TechMet: TechMet is a permanent capital vehicle that makes investments across the technology metals value chain, according to its website. TechMet has invested USD 450 mn in various operations to date, with its existing portfolio includes investments in Brazilian Nickel, Cornish Lithium, EnergySource Minerals, US Vanadium, Trinity Metals, Xerion Advanced Battery Corp, TechMet-Mercuria, Rainbow Rare Earths, REEtec, and Momentum Technologies, the statement added.
The US isn’t the only one working to reduce dependence on China: EU members approved the Critical Raw Materials Act (CRMA) aimed at decreasing reliance on imports of essential energy transition minerals including lithium and nickel in March 2023, citing a European Commission statement. The new regulation — which mainly targets Chinese imports that account for 95% of the global supply — sets a target to have the EU domestically produce at least 10% and process at least 40% of strategic materials needed annually by 2030.
