KoBold Metals, a mining company, has reportedly discovered a significant copper deposit in Zambia. The business is backed by executives such as Jeff Bezos and Bill Gates, who are not private traders but supporters of Breakthrough Energy Ventures, one of the funding instruments behind KoBold. Bill Gates also serves as chairman of the board and Breakthrough’s founder.
The firm received unicorn status last summer after a $200 million investment round to fund its search for copper and lithium. The California-based business earned attention for using artificial intelligence to discover new deposits of minerals such as cobalt, nickel, lithium, and copper, which are used in battery metals among other uses.
Josh Goldman, KoBold’s president, confirmed the discovery of a significant copper deposit in Mingomba, northern Zambia. He called the find “extraordinary” and compared it to the neighbouring Democratic Republic of the Congo’s Kakula mine.
Since starting to mine in Mingomba a year ago after a $150 million investment, KoBold has grown its operation from one drilling rig to six, typically drilling 1800 to 2000 meters deep. So far, about 34,000 meters have been drilled.
Over the long term, KoBold’s search for rare battery materials will partly support the expanding electric vehicle market. During recent months, this sector and the raw material prices needed for manufacturing these batteries have been volatile. They have historically relied heavily on China for battery material supply.
Goldman emphasized that short-term changes would not deter the company, which is planning for the long haul. He specified that KoBold’s critical concern is the commodity prices in 2035, not in 2024. Goldman also reported that there’s been some consideration about constructing a $2 billion facility at the site, signaling the company’s commitment to its future. According to investment estimates, the company spent $100 million in exploration last year, which is expected to be surpassed in 2024.
Source: Bill Gates and Jeff Bezos made a bet on mining startup KoBold—now they’ve struck gold }}.
