Tanzania’s sole billionaire Mohammed Dewji is betting on rising demand for battery metals by investing US$275 million ($396 million) in a graphite project, aiming to capitalise on the rapid growth of the electric vehicle (EV) and energy storage markets.
The investment, first reported by Bloomberg, represents a broader strategy of Dewji’s MeTL Group to more than triple group revenue to US$10 billion by 2035.
When interviewed by Bloomberg, Dewji says the plan is to bring its Tanzanian graphite project into production within 18 months, as his company expands into minerals critical to the global energy transition.
Graphite is a key component in lithium-ion battery anodes and has emerged as one of the world’s most sought-after critical minerals as automakers race to secure supply chains outside China.
According to BloombergNEF research, the global graphite market is projected to enter a deficit in the early 2030s amid soaring demand for EV battery minerals.
“The world is moving towards battery minerals,” Dewji says. “If you’re not in battery minerals, you’re missing out on the future.”
MeTL plans to initially produce graphite concentrate with a purity of about 94%, shipping material to China for further processing while working with European customers to meet battery-grade specifications.
The company is also sourcing processing technology from China, which dominates the global graphite supply chain.
The investment marks a major push by MeTL into battery minerals as the Tanzanian conglomerate looks to build a larger mining business alongside its interests in manufacturing, agriculture, logistics, and trading.
Write to Jackson Chen at Mining.com.au
Image: Mohammed Dewji | X
