Brian Menell
CEO: TechMet
‘It’s obvious that we’re at the beginning of a 20-year supply-and-demand dislocation’
BRIAN Menell’s timing and strategy have been spot-on. Since TechMet was founded in 2017, it has grown to a value of $1bn, making it a significant private investor in the critical minerals supply chain. TechMet’s focus on technology metals such as lithium, cobalt, nickel and rare earths, with an emphasis on environmentally responsible extraction, processing and recycling, is what the world is looking for at a time when China has sewn up large portions of the world’s critical minerals processing capacity.
In 2024, Menell achieved TechMet’s $300m funding target despite the volatility in the prices of many of these metals and lower global liquidity. The reason is that he is backed by strategic investors, not short-term speculators. The latest investor is the Qatar Investment Authority, a sovereign wealth fund, which has contributed $180m. The US International Development Finance Corporation, which initially invested in TechMet in 2020, has just topped up its investment by another $50m, while S2G Ventures, the direct investment team of Builders Vision, has increased its stake to $50m.
These funds will be used to develop existing assets and continue building up the portfolio. In an interview in 2018, Menell said his plan was to list TechMet once it had reached $1bn. If there’s broad price recovery in critical minerals, 2025 could be the year when TechMet goes to market.
LIFE OF BRIAN
Menell shows what can be done with a long family history of mining and no technical qualification. He holds a BA in political science and economics from the University of Pennsylvania. His first job was at diamond miner De Beers, where he held various executive positions in diamond marketing and mining. After this, he joined the family business (Anglovaal Mining, now part of African Rainbow Minerals). Before founding TechMet, he was founder and CEO of Kemet, an investor in natural resource projects in Africa.
