KoBold Metals, a mining start-up backed by Bill Gates, has employed Artificial Intelligence (AI) for exploring essential materials for the green-energy transition. The company recently revealed a significant copper deposit in Zambia named Mingomba. KoBold’s president, Josh Goldman, expressed enthusiasm about Mingomba, comparing its potential to the successful Kakula mine in the Democratic Republic of Congo, developed by Ivanhoe Mines Ltd. and China’s Zijin Mining Group Co. According to Goldman, Mingomba exhibits similarities in both size and grade and is anticipated to become one of the highest-grade large underground mines.
The San Francisco Bay Area-based KoBold has been conducting drilling operations at its Zambian permit for over a year, targeting the commencement of production in the early next decade. However, the company is yet to publish an updated resource estimate and complete feasibility studies, crucial for deciding whether to invest in a facility estimated to cost around $2 billion.
KoBold’s shareholders include Breakthrough Energy Ventures, supported by Bill Gates, Jeff Bezos, and other prominent individuals, along with T. Rowe Price Group Inc., Bond Capital, Andreesen Horowitz, and Equinor ASA.
Despite the current challenges faced by battery metal projects due to low prices, KoBold remains focused on long-term investments. The company’s president emphasized their commitment to the future commodity prices in 2035, disregarding short-term fluctuations.
Mingomba is the most advanced project in KoBold’s portfolio, with ongoing exploration activities spanning more than 60 locations, particularly in Australia, Canada, and the US. The company, having spent nearly $100 million on exploration in the previous year, anticipates exceeding this figure in 2024.
