Bill Gates- and Jeff Bezos-backed mining venture discovers copper deposit in Zambia

KoBold Metals, a California-based metals exploration company backed by U.S. billionaires Bill Gates and Jeff Bezos, has announced the discovery of a substantial copper deposit in Zambia, marking a significant advancement in the global search for critical metals essential for battery technologies and various industrial applications.

The exploration company, known for its innovative use of AI in identifying new mineral deposits, soared to unicorn status in June 2023, achieving a valuation of $1 billion following a successful $200-million investment round.

The company, headquartered in Silicon Valley, specializes in the exploration of copper, lithium, nickel, and cobalt, crucial components for emerging battery technologies and other industrial purposes.

KoBold expedites Zambia mine plans amid surging critical metals demand

KoBold President Josh Goldman described the newly discovered copper deposit in Mingomba, northern Zambia, as “extraordinary,” drawing parallels with the renowned Kakula mine in the neighboring Democratic Republic of the Congo. He emphasized the size and grade of the Mingomba deposit, foreseeing its transformation into one of the highest-grade, large underground mines globally.

Anticipating the escalating demand for critical metals, KoBold has expedited its plans for mine development in Zambia. Initially slated for completion within a decade, the company now aims to fast-track the process, considering partnerships to accelerate the estimated $2 billion project.

Mingomba: KoBold’s historic copper discovery redefining Zambia’s mining landscape

With backing from Breakthrough Energy Ventures, led by Gates and Bezos, KoBold is poised to advance its operations rapidly to meet the surging global demand for copper and other essential metals.

“We’re on track to do it fast, and it’s going to be one of the highest grade, large copper mines,” Goldman said, underscoring the company’s commitment to expedited development. KoBold anticipates surpassing its initial timeline, signaling an aggressive approach to harnessing the full potential of the Mingomba deposit.

With ongoing exploration efforts in the Mingomba area, KoBold revealed promising copper ore grades of approximately 5 percent, rivaling the quality of Ivanhoe Mines’ Kakula deposit in the Democratic Republic of Congo.

The exceptional quality of the ore body positions Mingomba as a historic discovery, potentially marking the highest-grade copper find in Zambia in the past century, according to KoBold Metals.