{"id":57518,"date":"2024-02-06T21:46:00","date_gmt":"2024-02-06T21:46:00","guid":{"rendered":"https:\/\/www.africa-press.net\/zambia\/?p=57518"},"modified":"2024-02-06T07:42:41","modified_gmt":"2024-02-06T07:42:41","slug":"bill-gates-backed-mining-company-discovers-vast-zambian-copper-deposit","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/zambia\/all-news\/bill-gates-backed-mining-company-discovers-vast-zambian-copper-deposit","title":{"rendered":"BILL GATES-BACKED MINING COMPANY DISCOVERS VAST ZAMBIAN COPPER DEPOSIT"},"content":{"rendered":"

Africa-Press – Zambia. <\/strong><\/span>KoBold Metals, a California-based metals exploration company backed by billionaires Bill Gates and Jeff Bezos, said it may consider partnerships as it plans to fast-track development of a new copper mine in Zambia that could cost about $2 billion.<\/p>\n

The Silicon Valley start-up, which uses artificial intelligence to search for copper, cobalt, nickel and lithium could also consider listing its shares publicly in the next three-to-four years, Josh Goldman, its co-founder and president, told Reuters.<\/p>\n

While KoBold initially said it plans to build a new mine at its Mingomba project in Zambia within the decade, those plans are now being brought forward in the rush to meet increasing demand for critical metals, Goldman said.<\/p>\n

\u201cWe\u2019re on track to do it fast and it\u2019s going to be one of the highest grade, large copper mines,\u201d Goldman said on the sidelines of the African Mining Indaba.<\/p>\n

\u201cWe will make it quicker than ten years. We continue to move fast and that the pace that we\u2019re moving at is with the accelerator firmly on the floor.\u201d<\/p>\n

KoBold said the Mingomba deposit, where more exploration is still underway has copper ore grades of about 5%, placing its quality alongside that of Ivanhoe Mines\u2019 Kakula deposit in the Democratic Republic of Congo. The quality of the ore body could make Mingomba the highest grade Zambian discovery in 100 years, KoBold said.<\/p>\n

KoBold is backed by Breakthrough Energy Ventures, a climate and technology fund whose other backers include Virgin Group\u2019s Richard Branson and Bridgewater Associates\u2019 Ray Dalio. Mine development, including sinking of shafts, could start around 2027, Mfikeyi Makayi, the CEO for KoBold Metals Africa, told Reuters.<\/p>\n

The Zambian mine could require an estimated $2 billion investment though existing infrastructure from other operators on the central African copperbelt could help reduce the capital requirement, Goldman said.<\/p>\n

\u201cThe issue globally, is not a lack of availability of capital. It is a lack of availability of high quality projects and where there are returns, there is capital,\u201d Goldman said.<\/p>\n

\u201cFor a great project, there will be capital.\u201d<\/p>\n

The race to build the new mine is as the US is stepping up efforts to find alternative sources of supply of critical metals such as copper, cobalt, lithium and nickel. The metals are key to helping the transition to clean energy and to accelerate growth in battery electric vehicles.<\/p>\n

KoBold is also open to partnerships in Zambia and at its other projects elsewhere, Goldman said, declining to say if the company is in any negotiations currently. KoBold searches for critical metals with BHP and Rio Tinto at projects in Australia and Canada.<\/p>\n

\u201cThere\u2019s interest from financing parties and there\u2019s interest from all types of parties in the (Mingomba) project,\u201d he said. \u201cWe are receptive to conversations about all kinds of different partnerships.\u201d<\/p>\n

For More News And Analysis About Zambia<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Zambia. KoBold Metals, a California-based metals exploration company backed by billionaires Bill Gates and Jeff Bezos, said it may consider partnerships as it plans to fast-track development of a new copper mine in Zambia that could cost about $2 billion. The Silicon Valley start-up, which uses artificial intelligence to search for copper, cobalt, […]<\/p>\n","protected":false},"author":84,"featured_media":57516,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,7,248],"tags":[234,235,233],"class_list":["post-57518","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-head-lines","category-to-homepage","tag-africa-press","tag-africa-press-zambia","tag-zambia"],"yoast_head":"\nBILL GATES-BACKED MINING COMPANY DISCOVERS VAST ZAMBIAN COPPER DEPOSIT - Zambia<\/title>\n<meta name=\"description\" content=\"KoBold Metals, a California-based metals exploration company backed by billionaires Bill Gates and Jeff Bezos, said it m ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/zambia\/all-news\/bill-gates-backed-mining-company-discovers-vast-zambian-copper-deposit\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BILL GATES-BACKED MINING COMPANY DISCOVERS VAST ZAMBIAN COPPER DEPOSIT\" \/>\n<meta property=\"og:description\" content=\"KoBold Metals, a California-based metals exploration company backed by billionaires Bill Gates and Jeff Bezos, said it m ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/zambia\/all-news\/bill-gates-backed-mining-company-discovers-vast-zambian-copper-deposit\" \/>\n<meta property=\"og:site_name\" content=\"Zambia\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2024-02-06T21:46:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/zambia\/sites\/35\/2024\/02\/sm_1707192539.518748.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1260\" \/>\n\t<meta property=\"og:image:height\" content=\"710\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/bill-gates-backed-mining-company-discovers-vast-zambian-copper-deposit#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/bill-gates-backed-mining-company-discovers-vast-zambian-copper-deposit\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/zambia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"BILL GATES-BACKED MINING COMPANY DISCOVERS VAST ZAMBIAN COPPER DEPOSIT\",\"datePublished\":\"2024-02-06T21:46:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/bill-gates-backed-mining-company-discovers-vast-zambian-copper-deposit\"},\"wordCount\":484,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/bill-gates-backed-mining-company-discovers-vast-zambian-copper-deposit#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/zambia\/sites\/35\/2024\/02\/sm_1707192539.518748.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Zambia\",\"Zambia\"],\"articleSection\":[\"all news\",\"economy\",\"head lines\",\"to-homepage\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/zambia\/all-news\/bill-gates-backed-mining-company-discovers-vast-zambian-copper-deposit#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/bill-gates-backed-mining-company-discovers-vast-zambian-copper-deposit\",\"url\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/bill-gates-backed-mining-company-discovers-vast-zambian-copper-deposit\",\"name\":\"BILL GATES-BACKED MINING COMPANY DISCOVERS VAST ZAMBIAN COPPER DEPOSIT - 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