KoBold Metals, a California-based metals exploration company with backing from influential figures like Bill Gates and Jeff Bezos, has announced the discovery of an extensive copper deposit in Zambia. This rare find holds the potential to significantly impact the global pursuit of essential materials crucial for the ongoing energy transition.
Copper’s demand has surged due to its pivotal role in renewable energy infrastructure and electric vehicles. The AI-backed unicorn believes that its Mingomba copper project in Zambia is poised to become one of the world’s largest high-grade copper mines, comparable in scale and quality to the renowned Kakula mine situated just across the border in the Democratic Republic of the Congo.
President of KoBold Metals, Josh Goldman, emphasized the significance of the discovery, stating, “It is Kakula-scale in size and grade.” The Kakula copper mine, owned by Canadian mining company Ivanhoe Mines, is recognized as the world’s fastest-growing, highest-grade, and lowest-carbon major copper mine.
Zambia, Africa’s second-largest copper producer after the Democratic Republic of the Congo, stands to benefit economically from KoBold Metals’ ambitious project. The Mingomba copper deposit could prove to be a game-changer for the nation’s mining sector.
KoBold Metals employs artificial intelligence to create comprehensive geological maps, often likened to “Google Maps” of the Earth’s crust. This advanced technology aids in the identification of new deposits of copper, lithium, cobalt, and nickel. Investors in KoBold Metals include prominent names such as Andreessen Horowitz, Equinor, BHP, and Breakthrough Energy, a climate and technology fund founded by Bill Gates.
With plans to commence copper production in Zambia within the next decade, KoBold Metals’ venture has garnered attention not only for its potential economic impact but also for its role in meeting the surging demand for critical minerals. The company’s use of AI technology aligns with the growing urgency to diversify the sources of these minerals, given the current geographical concentration of production, particularly in China.
Jito Kayumba, special assistant to the Zambian president on economic, investment, and development affairs, expressed optimism about the discovery, stating, “What they’ve discovered is quite phenomenal.” The announcement of the mine’s development brings hope and anticipation for Zambia’s economic future, as the nation prepares to be a significant player in the evolving landscape of global mineral supply.
As the International Energy Agency underscores the inadequacy of the current global supply of critical minerals, KoBold Metals’ groundbreaking find in Zambia marks a significant stride towards addressing the increasing demand for these essential elements in the transformative journey of the energy sector.
