The Qatar Investment Authority (QIA) is investing US$180 million in TechMet, a mining technology firm based in Dublin, Ireland.
The move is in line with QIA’s ambition to invest in a broad range of areas in the industrial sectors, such as critical minerals, the sovereign wealth fund says in a statement on August 8.
According to QIA, TechMet will invest the money into existing assets and to continue building its portfolio with strategic projects that scale production and refining of its target critical minerals, including lithium, nickel, cobalt, and rare earths.
“This investment builds on QIA’s theme of diversified energy transition and critical minerals investments,” says Mohammed Al-Sowaidi, QIA’s chief investment officer for the Americas.
The investment is subject to regulatory approvals.
Doha-based QIA had $475 billion of assets under management as of end-2023.