Mining
Monday, February 5th, 2024 3:14 pm EDT
Key Points
KoBold Metals Discovery:
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- California-based KoBold Metals, supported by billionaires like Bill Gates and Jeff Bezos, has uncovered a vast copper deposit in Zambia.
Significance for Energy Transition:
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- The discovery holds significance in the global race to secure critical materials for the energy transition, as copper is highly demanded for its applications in renewable energy and electric vehicles.
Investment and Economic Impact:
KoBold Metals, using AI for exploration, plans to develop the Mingomba copper project in Zambia, aiming to create one of the world’s largest high-grade copper mines. The project, backed by investors including Andreessen Horowitz and Breakthrough Energy, could have substantial economic ramifications for Zambia.
KoBold Metals, a California-based metals exploration company supported by prominent figures such as Bill Gates and Jeff Bezos, has announced a significant discovery of a vast copper deposit in Zambia. The find is crucial in the global pursuit of securing materials vital for the ongoing energy transition, as copper is in high demand for applications in renewable energy and electric vehicles. The Mingomba copper project in Zambia, identified by KoBold Metals, is anticipated to become one of the world’s largest high-grade copper mines, comparable in scale and quality to the Kamoa-Kakula copper mine located just across the northern border in the Democratic Republic of the Congo. Ivanhoe Mines, a Canadian company with a substantial stake in Kamoa-Kakula, describes it as the world’s fastest-growing, highest-grade, and lowest carbon major copper mine.
Zambia, the second-largest copper producer in Africa after the Democratic Republic of the Congo, stands to benefit economically from KoBold Metals’ discovery. The company, known for using artificial intelligence to create Earth’s crust “Google Maps” for locating copper, lithium, cobalt, and nickel deposits, has garnered support from investors like Andreessen Horowitz, Equinor, BHP, and Breakthrough Energy, founded by Bill Gates in 2015 and backed by notable figures such as Ray Dalio, Richard Branson, Jack Ma, and Jeff Bezos.
KoBold Metals aims to commence copper production at its Zambian mine within the next decade, potentially bringing substantial economic implications for the African nation. Jito Kayumba, special assistant to the Zambian president on economic, investment, and development affairs, expressed excitement about the discovery and highlighted the positive prospects for Zambia with the development of this mine. The International Energy Agency has issued warnings about the inadequate global supply of critical minerals needed for the energy sector transformation. With a concentration of production in specific geographical regions, there is a growing demand for diversified sources of essential minerals, especially given the strategic importance of materials like copper in the evolving landscape of renewable energy and electric transportation.
For the full original article on CNBC, please click here: https://www.cnbc.com/2024/02/05/bill-gates-backed-miner-discovers-large-scale-copper-deposit-in-zambia.html
