TechMet plans additional $200M raise, has Africa in sight

TechMet, a privately held investment vehicle backed by the US, is looking to raise as much as $200 million in additional funding to build out its critical minerals portfolio, its chief executive says.

Established in 2017, the Dublin, Ireland-based firm has so far taken up stakes in 10 mining companies operating across the globe, including Brazilian Nickel, US Vanadium and South Africa’s Rainbow Rare Earths.

CEO Brian Menell has said that the company is planning to make more investments in the coming months, backed by the $300 million in funding last year, including $180 million from the Qatar Investment Authority.

‘Additional appetite’ for investment

Speaking to reporters at the 2026 Mining Indaba conference on Monday, Menell reiterated those plans, stating that the company is seeking another $200 million in funding.

It echoes similar comments made to Reuters late last year, when the TechMet chief highlighted the market opportunities in the critical minerals space and has reopened fundraising talks.

“There has been a lot of additional appetite for further investment beyond the target that we originally set ourselves,” he said on the sidelines of the Mining Indaba, adding that the company is “open to new investment opportunities.”

One project that had reportedly been on its radar is the Dobra lithium deposit in Ukraine, which is expected to be the first project in a joint investment fund with the US created in April. Other potential investments could lie in Africa, with Menell highlighting places like Zambia, Guinea and Democratic Republic of Congo as key battlegrounds for critical minerals between the US and China.

Congo currently accounts for more than 70% of global cobalt supplies and is a major copper producer, while Zambia and Guinea are key to unlocking supplies of copper and iron ore, respectively.

The US government’s International Development Finance Corp is one of the biggest investors in TechMet, with a reported valuation of over $1 billion. Other investors include Mercuria, S2G Investments and Lansdowne Partners.

(With files from Reuters)