The US International Development Finance Corporation (DFC) has joined a critical minerals consortium backed by the UAE’s ADQ and Orion Resource Partners, expanding the size of the fund to $1.8 billion.
The DFC’s initial capital commitment was matched by both funds managed by Orion and ADQ, the New York-based alternative asset manager said in a statement on Thursday.
In January, Orion and ADQ, Abu Dhabi's sovereign wealth fund with $225 billion in assets under management, announced the launch of a 50-50 joint venture with initial capital of $1.2 billion for the first four years. The fund’s mandate is to make strategic investments in the metals and mining sector to guarantee supply chain security.
ADQ and Orion did not respond to requests for comment on whether the $600 million additional funding was entirely from DFC.
Frank Fannon, a former US assistant secretary of state for energy resources, who is a co-founder and managing director at Orion, said the US “understood that it must develop alternative critical minerals supply chains for more than a decade”.
“However, America has lacked a private sector champion that understands niche metals and commodities,” he added.
The addition of DFC as a partner comes at a time when the US has been expanding collaboration on critical minerals to challenge Chinese dominance in the supply chain for rare earth metals.
In October, the Pentagon said it would procure up to $1 billion worth of critical minerals as part of a global buying spree in the face of Chinese restrictions on the export of such commodities.
Critical minerals are key to decarbonising the global economy and can be used in renewable energy technology – electric vehicles, solar panels and wind turbines – as well as in everyday electronics, advanced computing and the aerospace sector.
The consortium plans to secure up to $5 billion in funding, Orion said on Thursday, without mentioning a timetable for the targeted funding.
With its expanded mandate, the consortium plans “to invest in and develop critical minerals in emerging and other market jurisdictions”, the company said.
The partners will also “manage offtake, develop domestic processing and integrate and scale cost-effective minerals technological solutions”.
In January, Orion and ADQ said they would use their investment platform to secure long-term agreements to source essential minerals including copper, high-grade iron ore and other critical commodities required in energy transition.
The US government’s interest in the platform comes after a series of export controls on rare earth metals and minerals was unveiled by Beijing this month. The move soured already strained relations between the governments in Washington and Beijing, prompting US President Donald Trump to say he would no longer meet Chinese President Xi Jinping in South Korea on the fringes of the Asia-Pacific Economic Co-operation in November.
Securing critical minerals supply chains has become increasingly important amid escalatory tariffs imposed by the US and China, who are dominant players in the trade of these commodities.
LAST-16 FIXTURES
Sunday, January 20
3pm: Jordan v Vietnam at Al Maktoum Stadium, Dubai
6pm: Thailand v China at Hazza bin Zayed Stadium, Al Ain
9pm: Iran v Oman at Mohamed bin Zayed Stadium, Abu Dhabi
Monday, January 21
3pm: Japan v Saudi Arabia at Sharjah Stadium
6pm: Australia v Uzbekistan at Khalifa bin Zayed Stadium, Al Ain
9pm: UAE v Kyrgyzstan at Zayed Sports City Stadium, Abu Dhabi
Tuesday, January 22
5pm: South Korea v Bahrain at Rashid Stadium, Dubai
8pm: Qatar v Iraq at Al Nahyan Stadium, Abu Dhabi
Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
Analysis
Members of Syria's Alawite minority community face threat in their heartland after one of the deadliest days in country’s recent history. Read more
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Other acts on the Jazz Garden bill
Sharrie Williams
The American singer is hugely respected in blues circles due to her passionate vocals and songwriting. Born and raised in Michigan, Williams began recording and touring as a teenage gospel singer. Her career took off with the blues band The Wiseguys. Such was the acclaim of their live shows that they toured throughout Europe and in Africa. As a solo artist, Williams has also collaborated with the likes of the late Dizzy Gillespie, Van Morrison and Mavis Staples.
Lin Rountree
An accomplished smooth jazz artist who blends his chilled approach with R‘n’B. Trained at the Duke Ellington School of the Arts in Washington, DC, Rountree formed his own band in 2004. He has also recorded with the likes of Kem, Dwele and Conya Doss. He comes to Dubai on the back of his new single Pass The Groove, from his forthcoming 2018 album Stronger Still, which may follow his five previous solo albums in cracking the top 10 of the US jazz charts.
Anita Williams
Dubai-based singer Anita Williams will open the night with a set of covers and swing, jazz and blues standards that made her an in-demand singer across the emirate. The Irish singer has been performing in Dubai since 2008 at venues such as MusicHall and Voda Bar. Her Jazz Garden appearance is career highlight as she will use the event to perform the original song Big Blue Eyes, the single from her debut solo album, due for release soon.
The biog
Name: Dhabia Khalifa AlQubaisi
Age: 23
How she spends spare time: Playing with cats at the clinic and feeding them
Inspiration: My father. He’s a hard working man who has been through a lot to provide us with everything we need
Favourite book: Attitude, emotions and the psychology of cats by Dr Nicholes Dodman
Favourit film: 101 Dalmatians - it remind me of my childhood and began my love of dogs
Word of advice: By being patient, good things will come and by staying positive you’ll have the will to continue to love what you're doing
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Dr Afridi's warning signs of digital addiction
Spending an excessive amount of time on the phone.
Neglecting personal, social, or academic responsibilities.
Losing interest in other activities or hobbies that were once enjoyed.
Having withdrawal symptoms like feeling anxious, restless, or upset when the technology is not available.
Experiencing sleep disturbances or changes in sleep patterns.
What are the guidelines?
Under 18 months: Avoid screen time altogether, except for video chatting with family.
Aged 18-24 months: If screens are introduced, it should be high-quality content watched with a caregiver to help the child understand what they are seeing.
Aged 2-5 years: Limit to one-hour per day of high-quality programming, with co-viewing whenever possible.
Aged 6-12 years: Set consistent limits on screen time to ensure it does not interfere with sleep, physical activity, or social interactions.
Teenagers: Encourage a balanced approach – screens should not replace sleep, exercise, or face-to-face socialisation.
Source: American Paediatric Association
Babumoshai Bandookbaaz
Director: Kushan Nandy
Starring: Nawazuddin Siddiqui, Bidita Bag, Jatin Goswami
Three stars
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
The specs: 2018 Mercedes-Benz S 450
Price, base / as tested Dh525,000 / Dh559,000
Engine: 3.0L V6 biturbo
Transmission: Nine-speed automatic
Power: 369hp at 5,500rpm
Torque: 500Nm at 1,800rpm
Fuel economy, combined: 8.0L / 100km
MEDIEVIL%20(1998)
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