July 10 (THEWILL) — Tanzania’s richest man, Mohammed Dewji, is investing $275 million in graphite mining as he expands his business interests into critical minerals and luxury tourism, positioning his conglomerate to benefit from rising global demand for electric vehicle (EV) battery materials and premium travel.
According to a Bloomberg report, Dewji’s MeTL Group plans to begin commercial graphite production within the next 18 months as part of a long-term strategy to increase the company’s annual revenue to $10 billion by 2035.
Speaking in an interview with Bloomberg, Dewji said the company is already working with European partners to understand battery-grade graphite specifications while members of his team are in China sourcing graphite processing technology.
“I am already working very, very closely with some European partners to be able to understand what quality of a product they require,” he said.
The investment comes as governments and automakers seek to diversify critical mineral supply chains away from China, which dominates global graphite mining and processing.
Initially, MeTL plans to produce graphite with about 94 percent purity for Chinese refiners before upgrading production to battery-grade material for direct exports to Europe, Japan, and South Korea.
According to BloombergNEF, the global graphite market is expected to enter a supply deficit in the early 2030s as demand accelerates alongside the global energy transition.
Beyond mining, Dewji is also increasing investments in tourism and agriculture. He has acquired a 150-hectare island near Zanzibar, where he plans to develop an ultra-luxury resort with an international hospitality operator.
He has also secured a concession in Tanzania’s Serengeti National Park to build a luxury lodge targeting high-end international tourists.
MeTL Group operates in 11 African countries, manufactures more than 50 product categories, and employs over 40,000 people across agribusiness, food processing, fast-moving consumer goods, financial services, and logistics.
Dewji had previously expressed interest in investing $100 million in Aliko Dangote’s proposed oil refinery project in Kenya, highlighting his strategy of expanding into sectors expected to benefit from Africa’s long-term economic growth.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
