Firm Backed by Bill Gates and Jeff Bezos Discovers Zambia’s Largest Copper Deposit
A groundbreaking startup backed by prominent investors Bill Gates and Jeff Bezos has made a significant discovery in Zambia, uncovering vast copper deposits that could have far-reaching implications.
Kobold Metals, as reported by Financial Times, recently announced the finding of the largest copper reserve in Zambia.
This discovery holds immense potential for reducing the West’s reliance on China for essential minerals, particularly copper, and supports global efforts towards decarbonization, especially with the increasing adoption of electric vehicles.
The timing of this discovery is particularly crucial for the United States, which has been actively seeking to diversify its sources of critical minerals and transition towards renewable energy.
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Despite growing demand for copper, top mining companies have struggled to locate high-quality reserves.
However, Kobold Metals’ extensive exploration efforts, which involved deploying the largest fleet of drilling rigs in Southern Africa, have led to the identification of the Mingomba copper reserve.
Founder and President Josh Goldman highlighted the exceptional quality of the find, comparing it to the renowned Kakula mine in terms of both scale and grade.
Utilizing innovative techniques, including artificial intelligence, Kobold Metals scours historical geological records such as old PDFs and hand-painted maps to pinpoint potential mineral deposits.
This approach has attracted significant investment, with Breakthrough Energy Ventures, a climate change-focused investment vehicle founded by Bill Gates, backing the startup.
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With a valuation of $1.15 billion, Kobold Metals has garnered support from industry giants like BHP and Equinor.
The company aims to commence copper production at the estimated $2 billion underground mine by the early 2030s, further solidifying its position as a key player in the global mining industry.
