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U.S. Takes Stake In Irish Battery Metal Producer

By Mining.com - Oct 06, 2020, 10:00 AM CDT

The US government is taking a $25 million equity stake in Dublin-based battery metals miner TechMet, as part of a push by President Donald Trump to reduce the country’s reliance on supply chains dominated by China. 

The backing from the $60 billion US International Development Finance Corporation (DFC) will help TechMet develop a nickel and cobalt mine in Brazil. Both metals are key in the production of the batteries that power electric cars and cell phones.

TechMet’s Brazilian Nickel project, in the north-eastern state of Piau, is estimated to hold as much as 72 million tonnes of ore containing 1% nickel and 0.05% cobalt.

 

“Investments in critical materials for advanced technology support development and advance US foreign policy,” Adam Boehler, chief executive officer of the government agency, said in a statement.