By Jane Chanda
KoBold Metals, a mining and artificial intelligence start-up backed by Bill Gates and Jeff Bezos, has announced a milestone, raising $537 million in its latest funding round, valuing the company at $2.96 billion, which will accelerate its mission to become a key player in the global critical minerals market, with a major focus on Zambia.
According to www.ft.com the investment in the country is particularly significant, as it would support the development of the $2 billion Mingomba Copper Project, which was expected to produce at least 300,000 tonnes per year from the 2030s, creating jobs and driving economic growth in the region.
The company stated that it planned to spend about 40 percent of the new capital on developing existing projects into mines.
KoBold Metals co-founder and chief executive Kurt House stated the Zambian copper project, which would take “the lion’s share” of the new investment, would not only benefit KoBold Metals but also the Zambian economy, creating new opportunities for economic growth and development.
“We use artificial intelligence (AI) to comb through historical and scientific data to identify untapped mineral deposits,” House stated, adding that the company planned to add at least three jurisdictions including Finland and Botswana, and was excited about the prospects for lithium mining in Canada, which would enable it to diversify its portfolio and increase its global presence.
House also stated that the company’s growth strategy included expanding its operations into new jurisdictions and developing its existing projects into mines.
“KoBold Metals has an exploration partnership with mining major BHP in Western Australia and is also working with Rio Tinto. This partnership will enable KoBold Metals to leverage the expertise and resources of these major mining companies to drive its growth and development,” he stated.
The CEO expressed confidence in the US having broad political support for improving access to critical minerals.
He stated that he believed despite President Donald Trump’s plans to reduce support for electric vehicles, there was strong bipartisan backing for diversifying the supply of critical minerals, which he viewed as a national security priority.
“As part of the global efforts to diversify the supply of critical minerals, the US is helping finance the revival of the Lobito railway line that will transport critical minerals across swaths of Africa and connect the Democratic Republic of Congo with Zambia and Angola,” he stated.
David George, a general partner at Andreessen Horowitz stated that KoBold Metals raised $1 billion to date and was among the western mining companies seeking to compete with Chinese rivals to produce metals such as copper, lithium, and nickel. “The company’s AI-driven approach to mineral exploration and its focus on critical minerals position it for success in the global mining industry. There’s a real demand from [mining] majors to partner with KoBold so clearly they’re doing something right,” stated George
