Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Wealth & Lifestyle Billionaire Watch

Jeff Bezos-backed Zambian startup invests $150 million in cobalt exploration

KoBold aims to create a “Google Maps” of the Earth’s crust, with a special focus on finding cobalt deposits

Inimfon AsifabyInimfon Asifa
1 month ago
in Billionaire Watch, Industries, Manufacturing
Jeff Bezos-backed Zambian startup invests $150 million in cobalt exploration

Zambian President Hakainde Hichilema

Share on FacebookShare on TwitterShare on Linkedin

KoBold Metals, a startup backed by a coalition of billionaires including Bill Gates and Jeff Bezos, has committed $150 million to develop the Mingomba Copper-cobalt Mine in Zambia.

The company announced this at the U.S.-Africa Leaders Summit in Washington, D.C.

The mine is said to be the world’s highest-grade undeveloped large deposit of orange metal. 

  • The startup, which has Gates’ Breakthrough Energy Ventures and the world’s top miner BHP (ASX: BHP) as shareholders, will use its artificial intelligence tools to process drilling data and optimize exploration for copper and cobalt at Mingomba. KoBold’s investors include Breakthrough Energy Ventures, a climate and technology fund founded by Microsoft’s Bill Gates and backed by Amazon’s Jeff Bezos and Virgin’s Richard Branson.
  • Mingomba contains 247 million tonnes of ore with an average grade of 3.64% copper. This figure represents about six times higher grades than those found in Chile, the world’s top copper-producing nation, according to KoBold.

The mine development would be a significant win for Zambia’s President Hakainde Hichilema, who has set an ambitious copper production target of 3 million tonnes a year by 2032, from around 850,000 tonnes the country currently produces.

What President Hichilema said

  • “Our message to the world is that Zambia is here, and is open for business.
  • “This investment today is not about KoBold, it’s not about ZCCM, it’s not about Zambia, it’s about all of these, and the rest of the world, as we grapple with climate change,”.

The investment deal, which will grant KoBold a majority stake in Mingomba, is set to close in the first quarter of 2023.

About Kobold Metals

KoBold Metals is a developer of machine prospector technology intended to facilitate a search for cobalt ore locations digitally. Kurt House founded it in 2018, located in Berkeley California. KoBold’s investors include Breakthrough Energy Ventures, a climate and technology fund founded by Microsoft’s Bill Gates and backed by Amazon’s Jeff Bezos and Virgin’s Richard Branson.

KoBold aims to create a “Google Maps” of the Earth’s crust, with a special focus on finding cobalt deposits. It collects and analyzes multiple streams of data from old drilling results to satellite imagery to better understand where new deposits might be found.

 

 

 

Related

Tags: Bill GatesJeff BezosKoBold Metals

Leave a Reply Cancel reply

HFM
Mega Millions
Mega Millions
Standard
Patricia





NM newsletters

Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

Recent News

  • Q4 2022: Unilever Nigeria Plc reports 385% rise in pre-tax profits.
  • Olam Agri To Raise Public Health Standard With 1 Trillion Servings Of Fortified Food
  • Nigerian military destroys 39 illegal refineries in 2 weeks, arrests oil thieves

Follow us on social media:

Recent News

Unilever reports N5.99 billion in FY 2022

Q4 2022: Unilever Nigeria Plc reports 385% rise in pre-tax profits.

January 26, 2023
Olam Agri To Raise Public Health Standard With 1 Trillion Servings Of Fortified Food

Olam Agri To Raise Public Health Standard With 1 Trillion Servings Of Fortified Food

January 26, 2023
  • Home
  • Exclusives
  • Markets
  • Industries
  • Economy
  • Business News
  • Financial Literacy
  • Lifestyle
  • Opinions

© 2023 Nairametrics

No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds

© 2023 Nairametrics