Tanzania’s richest man makes $275m bet on battery minerals as EV race accelerates

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.

• MeTL Group plans to invest about $275 million in graphite mining, with commercial production expected within 18 months.
• The company aims to supply the growing electric vehicle battery market while expanding into luxury tourism.
• The investments form part of a strategy to grow annual revenue to $10 billion by 2035.
• The move reflects growing African investment in industries benefiting from the global energy transition.

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.

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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.

“I am already working very, very closely with some European partners to be able to understand what quality of a product they require,” Dewji was quoted as saying.

The company plans to initially produce graphite with around 94% purity, supplying Chinese refiners before upgrading to battery-grade material for direct exports to Europe, Japan and South Korea.

The investment comes as governments and automakers seek to diversify critical mineral supply chains away from China, which dominates global graphite processing.

Graphite is a key component in lithium-ion battery anodes, making it indispensable to electric vehicles and large-scale energy storage systems.

The global graphite market is expected to move into a supply deficit in the early 2030s as demand continues to accelerate.

Beyond mining

Graphite is only one part of Dewji’s long-term expansion strategy. The billionaire said MeTL is also increasing investments in agriculture while making a significant push into high-end tourism.

The company has acquired a 150-hectare island near Zanzibar, where it plans to develop an ultra-luxury resort in partnership with an international hospitality operator.

It has also secured a concession in Tanzania’s Serengeti National Park to build a luxury safari lodge targeting affluent international travellers.

The tourism investments come as premium African travel continues to attract growing international interest, with destinations such as Zanzibar and the Serengeti increasingly drawing high-spending visitors.

Building a larger African business

The latest investments underscore MeTL’s transformation into one of East Africa’s largest privately owned conglomerates.

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The group manufactures more than 50 product categories, operates in 11 African countries and employs more than 40,000 people across manufacturing, agribusiness, logistics, financial services and consumer goods.

The announcement comes just days after Dewji also expressed interest in investing $100 million in Aliko Dangote’s proposed $17 billion refinery in Kenya, another sign of his growing appetite for large-scale projects tied to Africa’s industrialisation and energy transition.

Taken together, the graphite investment and luxury tourism projects show how one of East Africa’s biggest industrial groups is repositioning itself around two powerful global trends, the race for critical minerals powering the clean energy transition and the continued expansion of premium international travel.

If successful, the strategy could help transform MeTL into one of Africa’s largest diversified industrial groups over the next decade.