TechMet expands Mercuria partnership with launch of trading arm

US-backed mining investment firm TechMet is launching a new trading unit focused on critical minerals as part of an expanded partnership with Mercuria Energy Trading.On Wednesday, the privately-held TechMet announced that the Swiss trading house has agreed to make an additional investment to support this launch. The amount was not disclosed.The new trading arm, TechMet SCM, which will be wholly owned by TechMet and focus on specialty metals where it has unique expertise, a statement said.The companies are currently partnering on strategic initiatives designed to enhance Mercuria’s commitment to bulk metal trading, which are expected to continue.The new launch will build on the success of the joint venture and expand its global footprint with teams in South Korea, Western Europe and Washington DC to strengthen partnerships and secure new offtake agreements, TechMet said.Specifically, the trading unit will manage offtakes from TechMet’s portfolio of companies as well as third parties, leveraging its Western-aligned position and industry experience, it added. TechMet currently has stakes in 10 companies in the special minerals space, including Brazilian Nickel, Cornish Lithium and Rainbow Rare Earths (LON: RBW).US-backed TechMet eyes Ukraine lithium asset“Mercuria’s backing adds to TechMet’s growth as we secure Western-aligned supply of the critical minerals that will drive the 21st century economy,” said Brian Menell, chairman and CEO of TechMet, in a press release. “TechMet SCM will be instrumental in achieving this objective, vital to both economic growth and national security.”Quentin Lamarche, who previously served as co-managing director of the Mercuria-TechMet joint venture, will lead TechMet SCM as CEO.“Our mission is to build a world-class trading platform that serves the rapidly growing demand for critical minerals across the energy, technology, aerospace and defence industries. With TechMet’s backing, and supported by our partnership with Mercuria, we are well positioned to deliver impact at scale,” Lamarche stated.The new initiative brings Mercuria’s total investment into the company this year to $68 million, enhancing its position as one of its largest shareholders. Other major shareholders include International Development Finance Corp and Qatar Investment Authority.Weiter zum vollständigen Artikel bei Mining.com Weiter zum vollständigen Artikel bei Mining.com