KETCHUM, Idaho, May 26, 2023 /PRNewswire/ — Metalex, an emerging US mining and metals company operating across the African continent, has raised $2 million in seed funding. This funding will enable the company to expand its metal processing operations, enhance its technology platform, and grow its team.
The funding round was led by Endura Capital Management, a Sun Valley, Idaho based hedge fund. Endura has also entered into a strategic partnership with Metalex to form the $10 Million Endura Metalex African Opportunities Fund. This joint venture will provide trade finance for Metalex’s operations in its key markets.
“We are thrilled to have the support of Endura Capital and our other investors as we continue to expand our business across Africa,” said Ayo Sopitan, CEO of Metalex. “We are now well placed to build a well-oiled machine that is built on our own processing facilities with feedstock sourced and produced in partnership with local miners in our key market, Zambia as well as other geographies like Nigeria, Zimbabwe amongst others.”
Endura Capital Management is equally excited about the partnership, with Managing Partner JD McDonnell noting, “We believe that the commodities sector in Africa represents a tremendous growth opportunity, and we are confident that our partnership with Metalex will enable us to identify and invest in the most promising sectors in this space.”
With this new funding and partnership, Metalex, under the leadership of CEO Ayo Sopitan and COO Sev Bazil, is poised to become a major player in the African commodities market, creating new opportunities for growth for host communities, as well as its investors.
John David McDonnell