https://www.engineeringnews.co.za

Bill Gates-backed mining startup wants to expand into Congo

7th November 2023

By: Bloomberg

  

Font size: - +

KoBold Metals, a mining start-up backed by Bill Gates that’s developing a copper project in Zambia, is getting closer to investing in the neighboring Democratic Republic of Congo.

That’s according to chief executive officer Kurt House, who said that the company has already bid for one asset, which didn’t result in a transaction. He declined to identify the asset.

“We think it is probably the best place in the world for the types of materials we’re looking for,” House said in an interview.

KoBold is exploring around the world for new deposits of metals that are key to the global green-energy transition. Congo is the world’s largest cobalt producer and one of the biggest sources of copper. Both materials are expected to see demand swell in the coming decade as they’re needed for clean-energy infrastructure and rechargeable batteries.

San Francisco Bay Area-based KoBold’s entry into Congo would align with the priorities of US President Joe Biden’s administration, which is keen to grow American investments throughout the electric-vehicle supply chain, according to House.

The closely held company’s backers include Gates’s Breakthrough Energy Ventures, and it also counts BHP, the world’s biggest mining company by market value, among its shareholders. Michael Bloomberg, majority owner of Bloomberg News parent Bloomberg, is an investor in Breakthrough, according to the company’s website.

Edited by Bloomberg

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Airshrink - CiP
Airshrink - CiP

At Airshrink - CiP, we surpass customer expectations with innovative MV and LV cable accessories, including heat shrink joints, terminations,...

VISIT SHOWROOM 
AirNox Pty Ltd
AirNox Pty Ltd

AirNox (Pty) Ltd is a level 1 BBBEE manufacturer of complete AdBlue® solutions for operators of SCR diesel engines and AUS40 across South Africa...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







301

sq:0.054 1.068s - 140pq - 2rq
Subscribe Now