Qatar has invested in a US-backed initiative designed to loosen China’s dominance of minerals critical to clean energy in the first such collaboration between a western and Gulf state.
Qatar’s sovereign wealth fund has agreed to invest $180mn in TechMet, a Dublin-based mining investment vehicle backed by the US International Development Finance Corporation, the country’s development bank.
The investment by the Qatar Investment Authority is a significant moment in the geopolitical tussle between the US and China for control over supplies of rare earths, lithium and cobalt used to power electric cars.
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