Chinalco could invest $426 million in Suriname bauxite project
If approved by parliament, Chinalco could begin construction by the middle of next year.
Mining investment firm TechMet, which counts the US government as one of its largest investors, has raised $200 million in fresh equity, putting it on track to become one of the sector’s fastest rising stars with a valuation of more than $1 billion.
The funding is being deployed across TechMet’s existing portfolio of ten assets that would help reduce the west’s dependence on China for sourcing critical minerals, including rare earths, graphite and vanadium.
The firm’s present and future assets are also expected to help ease shortages of key metals as the world transitions toward a greener economy.
“Recent US legislation supporting the critical minerals sector, and supply chain investments by major automakers, represent significant steps forward,” founder and CEO, Brian Menell, said in the statement.
“However, there is much more work to be done, particularly in the UK and Europe, if we hope to adequately feed the production of batteries, EVs, wind turbines, and other clean energy systems,” Menell said.
In the past year, the Dublin-based firm has invested more than $180 million into critical minerals companies around the world, including Brazilian Nickel, US Vanadium, Rainbow Rare Earths, TechMet-Mercuria, REEtec, Xerion Advanced Battery Corp, Energy Source Minerals, Momentum Technologies, and Trinity Metals.
Last week, TechMet, the UK Infrastructure Bank (UKIB) and The Energy & Minerals Group (EMG) provided Cornish Lithium with a much-needed $67 million loan to help the miner keep alive its plans of opening a lithium mine in the UK, potentially the country’s first.
Other than the US International Development Finance Corporation (DFC), TechMet has attracted top sector players, including Switzerland-based Mercuria Energy, one of the world’s largest energy and commodity trading groups, London-based Lansdowne Partners and US-based S2G Ventures, the direct investment team of Builders Vision.
