TechMet launches critical minerals trading unit after Mercuria ups investment

LONDON, Aug 27 (Reuters) - U.S. government-backed investment vehicle TechMet is launching a trading arm for critical minerals after further investment from commodity trading house Mercuria, it said on Wednesday.

Privately-held TechMet has stakes in 10 companies, including Brazilian Nickel, Cornish Lithium and Rainbow Rare Earths RBWR.L.

A new trading unit, TechMet SCM, will focus on speciality metals, from both its portfolio companies and third parties, a statement said.

Mercuria, already a major shareholder, has boosted its investment, making possible the launch of the trading arm, it added, without saying how much Mercuria invested.

"It will ... expand its global footprint with teams in South Korea, Western Europe and Washington D.C. to strengthen partnerships and secure new offtake agreements," TechMet said.

The new trading arm, wholly owned by TechMet, will be headed by Quentin Lamarche, who was previously the co-managing director of a joint venture between Mercuria and TechMet focused on trading battery metals.

Lamarche, based in Belgium, previously worked for Specialty Metals Resources in Hong Kong and for Umicore in Belgium, according to his LinkedIn profile.

The U.S. government's International Development Finance Corp is one of TechMet's biggest investors. Other major shareholders are the Qatar Investment Authority, S2G Investments and Lansdowne Partners.