A California-based mining startup, KoBold Metals which uses Artificial Intelligence (AI) to search for metals key to the green-energy transition has announced a major discovery in Zambia.
KoBold Metals, backed by billionaires Bill Gates and Jeff Bezos, said it has found a large-scale copper deposit at its Mingomba project in Zambia.
Copper is a vital metal for renewable energy and electric vehicles, as it is used in wiring, motors, batteries and power grids.
The global demand for copper is expected to rise sharply in the coming years, as countries and companies seek to reduce their carbon emissions and achieve net-zero targets.
KoBold Metals uses artificial intelligence to create a “Google Maps” of the Earth’s crust, by aggregating and analyzing vast amounts of geoscience data. Its AI tools can help identify promising areas for exploration and reduce the uncertainty and risk involved in mineral discovery.
The company’s president, Josh Goldman said in a statement that the Mingomba copper deposit is “Kakula-scale in size and grade”, referring to the giant Kamoa-Kakula copper mine in the neighboring Democratic Republic of the Congo (DRC), which is one of the world’s largest and highest-grade copper mines.
Goldman said the discovery was made in just 18 months, thanks to the company’s innovative approach and collaboration with local partners.
According to him, the company aims to start producing copper at the mine within 10 years, in a project that could have significant economic and social benefits for Zambia, which is Africa’s second-largest copper producer.
The Mining Timeline
He said the startup aims to start producing copper at its mine in Zambia within 10 years, in a project that could have significant economic ramifications for Zambia.
“What they’ve discovered is quite phenomenal,” said Jito Kayumba, special assistant to the Zambian president on economic, investment and development affairs.
“There is a lot that we as Zambians can look forward to in terms of the announcement of their mine development which should be coming on stream,” Kayumba said in a video posted on social media site X on Monday.
KoBold Metals Investors
KoBold Metals is part of a coalition of investors and companies that are committed to finding and developing new sources of battery metals, such as lithium, cobalt, nickel, and copper, for the clean energy future.
Key investors in KoBold Metals are Breakthrough Energy Ventures, a climate and technology fund founded by Bill Gates, as well as Andreessen Horowitz, Equinor, and BHP.
Some of the backers of Breakthrough Energy Ventures are Ray Dalio, Richard Branson, Jack Ma and Jeff Bezos.