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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 Firms as US Rate-cut Optimism, Geopolitical Risks Lend Support

Ingots of 99.99 percent pure gold are placed in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/FILE PHOTO Purchase Licensing Rights
Ingots of 99.99 percent pure gold are placed in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/FILE PHOTO Purchase Licensing Rights
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Gold Firms as US Rate-cut Optimism, Geopolitical Risks Lend Support

Ingots of 99.99 percent pure gold are placed in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/FILE PHOTO Purchase Licensing Rights
Ingots of 99.99 percent pure gold are placed in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/FILE PHOTO Purchase Licensing Rights

Gold prices drifted higher on Wednesday driven by safe-haven demand and rising bets that the US Federal Reserve might reduce interest rates as early as September.

Spot gold rose 0.6% to $2,402.43 per ounce, as of 1242 GMT, having settled lower in the previous four sessions. US gold futures gained 0.5% to $2,442.70.

Gold is seeing some "stabilization as some interest develops in the physical gold markets in the far East; geopolitical tensions are still supportive," said StoneX analyst Rhona O'Connell, Reuters reported.

"It's possible that some distressed sellers from the weekend/Monday will be looking to re-establish their positions as gold has done its usual job by providing liquidity ahead of potential margin calls."

Prices fell as much as 3% on Monday, caught in a global sell-off driven by fears of a US recession.

Bullion is considered a hedge against geopolitical and economic uncertainties and tends to thrive in a low-interest-rate environment.

Traders have altered their rate cut expectations following the soft jobs report last week, with nearly 105 basis points of cuts anticipated by year-end and a 100% chance of a rate cut in September, according to the CME FedWatch Tool.

The outlook for looser monetary policy provides a supportive element for gold as a non-yield-bearing asset, and this factor has combined with strong central bank buying to deliver a positive performance for the yellow metal in 2024 so far, Kinesis Money said in a note.

Meanwhile, China's central bank held back on buying gold for its reserves for a third straight month in July, official data showed.

Spot silver edged 0.1% lower to $27.02 per ounce.

The expected economic slowdown will dent industrial demand and that is likely to cap the upside for silver, said Ricardo Evangelista, senior analyst at ActivTrades.

Platinum rose 1.8% to $928.25 and palladium was up 2.5% to $896.65.