A startup with investments from Bill Gates and Jeff Bezos, Kobold Metals, has recently uncovered extensive copper deposits in Zambia.
This discovery is anticipated to play a pivotal role in reducing the West’s reliance on China for this valuable material, while also contributing to the global push for decarbonization, particularly in the growing electric vehicle sector.
According to a Financial Times report, Kobold Metals disclosed that it has identified the largest copper reserve in Zambia, presenting a timely opportunity for the United States.
This revelation aligns with the nation’s efforts to diversify its sources of vital minerals, such as copper, and embrace alternative energy sources.
Despite the increasing demand for copper, particularly with the rising popularity of electric vehicles, many of the world’s leading mining companies have faced challenges in locating high-quality assets.
This breakthrough by Kobold Metals comes at a crucial juncture in addressing these supply concerns.
“We’ve spent a year with the largest fleet of drilling rigs in Southern Africa,” Josh Goldman, founder and president of KoBold Metals, told the Financial Times.
“We now know that Mingomba will be one of the very highest grade large copper mines when put into production and it’s very much like Kakula in scale and grade,” he added.
KoBold Metals, backed by Breakthrough Energy Ventures—a climate change investment initiative established by Bill Gates—employs artificial intelligence to extract insights from historical geological records, including old PDFs and hand-painted maps on linen. Utilizing algorithms, the company determines strategic locations for mineral exploration.
As reported by the Financial Times, this California-based firm holds a valuation of $1.15 billion, with investments from major entities like BHP, the world’s largest mining group, and Equinor, a prominent oil company.
At the $2 billion underground mine, the company plans to start producing copper in the early 2030s.