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 Piauí, is estimated to hold as much as 72 million tonnes of nickel and 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.
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