Tembo Capital Management has raised $380m to make new bets in the mining sector, which the private-equity firm expects to benefit from rising demand for metals used in clean-energy equipment such as solar panels and electric-car batteries.
The mining-focused investor, based in London, wrapped up Tembo Capital Mining Fund III LP above a $300m target, said David Street, Tembo’s chief executive. The total is more than twice the $175m the firm secured for a predecessor fund in 2017.
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Tembo has backed two deals in North America over the past 12 months. Last year the firm invested $15m and received a 32% stake in Elim Mining Inc., a Sparks, Nev.-based mining company that operates the Cactus Mine copper project in Arizona, among other assets. Tembo more recently also invested $4m in publicly traded gold mining company Maritime Resources Corp. , acquiring a 7.7% stake in the Canadian company, according to a press release.
Source: Wall Street Journal
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