Financial Times reports that the startup Kobold Metals has recently uncovered the largest copper reserve in Zambia, a significant development in light of the United States’ efforts to reduce reliance on China for crucial minerals like copper and transition to alternative energy sources.
This discovery is particularly timely as demand for copper is projected to rise with the increasing adoption of electric vehicles. Yet, many top mining companies struggle to find high-quality assets.
Josh Goldman, founder and president of KoBold Metals, stated, “We’ve spent a year with the largest fleet of drilling rigs in Southern Africa.” He emphasized that the newly discovered Mingomba mine is anticipated to be one of the highest-grade large copper mines, comparable to Kakula in scale and grade.
KoBold Metals, backed by investments from Breakthrough Energy Ventures, a climate change-focused investment vehicle founded by Bill Gates, utilizes artificial intelligence to analyze historical geological data, including old PDFs and hand-painted maps, to pinpoint areas for mineral exploration.
The California-based company, valued at $1.15 billion, counts BHP, the world’s largest mining group, and Equinor, an oil giant, among its investors. Plans are underway to commence copper production at the $2 billion underground mine in the early 2030s.
