As countries race to secure supplies of critical minerals needed for electric vehicles, Tanzania’s richest businessman, Mohammed Dewji, is making a $275 million bet that graphite will become one of the world’s most sought-after commodities.
In an interview with Bloomberg, the chairman of MeTL Group said the company plans to invest about $275 million in graphite mining while simultaneously expanding into luxury tourism, positioning the East African conglomerate to benefit from two industries expected to enjoy strong long-term global demand.
The investments form part of MeTL’s strategy to more than triple annual revenue to $10 billion by 2035, as the company broadens its footprint beyond manufacturing and consumer goods.
Commercial graphite production is expected to begin within the next 18 months.
Speaking to Bloomberg, Dewji said MeTL is already working with European partners to understand the specifications required for battery-grade graphite, while members of his team are in China sourcing the technology needed to process the mineral.
