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Qatar Investment Authority Invests $180 million in TechMet

The Qatari flag is seen at a park near Doha Corniche, in Doha, Qatar February 17, 2018. REUTERS/Ibraheem al Omari/File Photo
The Qatari flag is seen at a park near Doha Corniche, in Doha, Qatar February 17, 2018. REUTERS/Ibraheem al Omari/File Photo
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Qatar Investment Authority Invests $180 million in TechMet

The Qatari flag is seen at a park near Doha Corniche, in Doha, Qatar February 17, 2018. REUTERS/Ibraheem al Omari/File Photo
The Qatari flag is seen at a park near Doha Corniche, in Doha, Qatar February 17, 2018. REUTERS/Ibraheem al Omari/File Photo

Qatar Investment Authority (QIA) announced on Wednesday an initial $180 million investment in TechMet, a company focused on building businesses across the critical minerals value chain, from extraction and processing to refining and recycling.

This investment aligns with QIA’s ambition to invest in a broad range of areas in the industrial sectors such as critical minerals, which are required to advance the clean energy transition and to help address the growing demand in the global market for sustainable energy solutions, QIA said in a statement.

“We are delighted to partner with TechMet to invest in the responsible sourcing of critical minerals, which are crucial to the global green transition,” said Chief Investment Officer of Americas at QIA Mohammed Al-Sowaidi.

“This investment builds on QIA’s theme of diversified energy transition and critical minerals investments,” he added.

For his part, TechMet Founder, Chairman and CEO, Brian Menell, said: “QIA’s investment further highlights TechMet’s position as a leading global critical minerals investment company.”

In a statement, TechMet said the funds will be used to develop both its existing assets and to continue to build its portfolio with strategic projects that scale production and refining of its target critical minerals, which include lithium, nickel, cobalt and rare earths.

The announcement sees TechMet meet its $300 million fundraising target, adding to a follow-on investment from S2G Ventures, bringing their total commitment to $50 million; and an additional $50 million from the US International Development Finance Corporation (DFC).

Now valued at well over $1 billion, TechMet is one of the largest private investors in critical minerals supply chains.

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Gold Eases from Record Peak on Profit-taking; Trump's Tariffs in Focus

Gold bars at a gold shop in Bangkok, Thailand, 01 April 2025. EPA/RUNGROJ YONGRIT
Gold bars at a gold shop in Bangkok, Thailand, 01 April 2025. EPA/RUNGROJ YONGRIT
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Gold Eases from Record Peak on Profit-taking; Trump's Tariffs in Focus

Gold bars at a gold shop in Bangkok, Thailand, 01 April 2025. EPA/RUNGROJ YONGRIT
Gold bars at a gold shop in Bangkok, Thailand, 01 April 2025. EPA/RUNGROJ YONGRIT

Gold dipped on Thursday as traders locked in profits after prices hit a record high, following a rush to safe-haven assets triggered by US President Donald Trump's aggressive import tariffs, which escalated the already intense global trade war.

Spot gold was down 0.4% at $3,122.1, as of 0710 GMT. Earlier in the session, bullion hit an all-time high of $3,167.57.

US gold futures fell 0.7% to $3,145.00.

Trump unveiled on Wednesday a 10% baseline tariff on all imports to the US, and higher duties on dozens of countries, including some of its biggest trading partners, deepening a trade war that has rattled global markets, Reuters said.

The reciprocal tariffs do not apply to certain goods, including gold, energy and "certain minerals that are not available in the US," according to a White House fact sheet.

One of the factors supporting gold was "the slowdown that tariffs are likely to cause the US economy, raising the prospects of future rate cuts," Capital.com's financial market analyst Kyle Rodda said.

The Trump administration confirmed that the 25% global car and truck tariffs will take effect on April 3, as planned, and duties on automotive parts imports will be launched on May 3.

Gold is in "a pure momentum trade, where bulls who were left for dust are agonizing on the side line, eager for even the smallest of dips, and until we see a volatile shakeout big enough to stun bulls and bears, the momentum trade could continue higher," said Matt Simpson, a senior analyst at City Index.

Gold, a hedge against political and financial instabilities, has surged more than 19% year-to-date, mainly driven by tariff jitters, rate- cut possibilities, geopolitical conflicts, and central bank buying.

"There's also some front running going on amongst traders who anticipate (Trump's) policies will drive central banks to park their reserves in gold rather than US dollar-denominated assets," Rodda said.

Market awaits US non-farm payrolls report due on Friday for clues into the Federal Reserve's policy path.

Spot silver slipped 2.8% to $33.07 an ounce, platinum fell 1.5% to $968.37, and palladium lost 1.4% to $956.50.