A US government-backed mining start-up has raised $200mn in fresh equity, putting it on course to become one of the sector’s few unicorns with a valuation of more than $1bn.
The fundraising for TechMet, a Dublin-based private investment vehicle for nickel, lithium and other metals will help the west combat China’s dominance of critical minerals supplies for clean energy technologies.
The fundraising comes at a challenging time for early-stage mining companies as higher interest rates have squeezed available capital for developing expensive projects.
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