TechMet Plans Additional $200M Raise, Has Africa in Sight
•February 9, 2026
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Companies Mentioned
Why It Matters
The additional funding will strengthen the United States’ strategic supply chain for critical minerals and intensify competition with China for African resources. It also signals rising investor confidence in geopolitically driven mining investments.
Key Takeaways
- •TechMet targets $200M new capital for minerals expansion
- •Focus on Ukraine lithium and African copper, cobalt projects
- •US-backed fund valued over $1 billion, includes Qatar investment
- •Investors include IDFC, Mercuria, S2G, Lansdowne
- •Africa seen as battleground between US and China
Pulse Analysis
The global race for critical minerals has moved from a niche concern to a central pillar of national security strategies. As electric‑vehicle production, renewable‑energy storage and advanced electronics surge, governments are scrambling to secure reliable sources of nickel, cobalt, lithium and rare earths. TechMet, founded in 2017 and headquartered in Dublin, has positioned itself as a conduit for private capital to meet these strategic needs, leveraging US backing and a diversified investor base to acquire stakes in promising mining operations worldwide.
TechMet’s latest fundraising push reflects both market momentum and geopolitical urgency. The $200 million target builds on a $300 million round closed in 2025, which featured a sizable contribution from the Qatar Investment Authority and substantial backing from the US International Development Finance Corporation. Menell’s comments at Mining Indaba highlight a pipeline of opportunities, from the Dobra lithium project in Ukraine—potentially the first US‑co‑funded lithium venture—to copper and cobalt assets in Zambia, Guinea and the Democratic Republic of Congo. These regions are increasingly viewed as strategic frontlines where the United States seeks to counter China’s dominance in mineral supply chains.
For investors and industry watchers, TechMet’s activities underscore a broader shift toward state‑aligned, capital‑intensive mining portfolios. The firm’s valuation north of $1 billion signals confidence that strategic minerals will command premium valuations, especially as ESG considerations push manufacturers toward responsibly sourced inputs. As Africa emerges as a critical arena for resource competition, TechMet’s focus on transparent partnerships and diversified financing could set a template for future public‑private collaborations aimed at securing the raw materials essential for the next wave of clean‑technology innovation.
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)
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