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South Africa’s Q Global Commodities (QGC) and Abu Dhabi’s F9 Capital Management have agreed a partnership to invest $1 billion in mines producing green metals, Bloomberg reported on Friday.
The venture is expected to develop deposits of metals, including lithium, copper and nickel, in southern and eastern Africa.
Q Global Commodities, which is owned by coal investor Quinton Van der Burgh in South Africa, is into coal mining and holds stakes in metal deposits in the country.
Part of the plan is to list the company on the stock market in the UAE or Canada once the mines are operational, Van der Burgh reportedly said.
“We wanted to make sure that our reserves and projects were exactly where they needed to be so we could get to the next stage,” Bloomberg quoted Van der Burgh as saying.
“That pulling the trigger means investing in plants, infrastructure and developing our logistical arms.”
F9 is a multi-billion-dollar investment house founded by Simon Fentham-Fletcher and partners with philanthropists, according to its website. According to Fletcher, the $1 billion fund has been “secured” from institutional investors.
(Writing by Cleofe Maceda; editing by Seban Scaria)
