Mining
Wednesday, March 6th, 2024 4:21 pm EDT
Key Points
- KoBold Metals, with backing from billionaires like Bill Gates and Jeff Bezos, is optimistic about discovering sought-after energy transition metals, following a significant copper deposit discovery in Zambia.
- The company employs artificial intelligence to create a “treasure map” for finding materials like copper, lithium, cobalt, and nickel, with over 60 exploration projects worldwide, aiming for serial success in exploration and reducing the capital intensity of discovery.
- Investors include major entities such as Andreessen Horowitz, Equinor, BHP, and Breakthrough Energy, focusing on advancing the Mingomba project in Zambia and exploring additional critical minerals, leveraging the region’s extraordinary geological potential and operating environment
KoBold Metals, a mining startup supported by notable billionaires like Bill Gates and Jeff Bezos, is optimistic about the discovery potential of crucial energy transition metals, particularly following the announcement of a significant copper deposit discovery in Zambia. Josh Goldman, the president of KoBold Metals, expressed enthusiasm from investors, highlighting the company’s core objective of discovering and developing mineral resources essential for the energy transition. Leveraging artificial intelligence, KoBold Metals aims to create a “treasure map” facilitating the discovery of materials such as copper, lithium, cobalt, and nickel, with over 60 exploration-stage projects worldwide. Investors include prestigious entities like Andreessen Horowitz, Equinor, BHP, and Breakthrough Energy, Bill Gates’ climate and technology fund, which also boasts support from prominent figures like Ray Dalio, Richard Branson, Jack Ma, and Jeff Bezos.
Currently, KoBold Metals focuses on advancing its Mingomba project in Zambia, anticipated to commence copper production within a decade, while simultaneously pursuing the discovery of critical minerals. The exceptional ore grades found in Zambia’s central African copper belt, exemplified by the Mingomba deposit, underscore the region’s geological significance and the potential for further discoveries. With copper’s heightened demand in renewable energy infrastructure, energy storage systems, and electric vehicles, Zambia’s position as Africa’s second-largest copper producer becomes pivotal. KoBold Metals’ Mingomba deposit, boasting copper ore grades exceeding 5%, promises significantly reduced mining efforts compared to the industry’s average, translating to less environmental impact and waste production.
Goldman outlines KoBold Metals’ future plans, including a public listing within three to four years, anticipating it as the optimal financing approach. The company’s overarching goal remains serial success in exploration while enhancing overall exploration efficacy and minimizing discovery capital intensity. Amidst their aspirations, Goldman emphasizes the untapped potential for discovery in Zambia, signaling a promising trajectory for KoBold Metals’ endeavors in advancing sustainable mining practices and supporting the global energy transition.
For the full original article on CNBC, please click here: https://www.cnbc.com/2024/03/06/bill-gates-backed-startup-confident-it-can-unearth-more-battery-metals.html
