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The investment by the Qatar Investment Authority is a significant moment in the geopolitical tussle between the US and China for control over supplies of rare earths, lithium and cobalt used to power electric cars.
Qatar’s sovereign wealth fund has agreed to invest $180mn in TechMet, a Dublin-based mining investment vehicle backed by the US International Development Finance Corporation, the country’s development bank.
It also has good ties with China, which is one of the biggest buyers of Qatar’s liquefied natural gas. Brian Menell, chief executive of TechMet, said the initiative underlines Qatar’s desire to invest in critical minerals and an acknowledgment by the US that it needs partners to challenge China.
A plank of those efforts has been attempting to persuade Saudi Arabia, Qatar and the United Arab Emirates to use their financial muscle to invest in US initiatives to extract and process critical minerals for industrial use.
Mohammed Al-Sowaidi, chief investment officer of Americas at QIA, said: “We are delighted to partner with TechMet to invest in the responsible sourcing of critical minerals, which are crucial to the global green transition. This investment builds on QIA’s theme of diversified energy transition and critical minerals investments.”
The wealthy Gulf states are hoping to become big players in the critical minerals market, using their neutrality in the geopolitical stand-off between the US and China to their advantage. Qatar is designated by the US as a major non-Nato ally. It also has good ties with China, which is one of the biggest buyers of Qatar’s liquefied natural gas.
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