Bill Gates-Backed Mining Startup Eyes Congo's Rich Cobalt And Copper Resources

Bill Gates-backed mining startup KoBold Metals is reportedly exploring the potential for expansion into the Democratic Republic of Congo. The San Francisco-based company is known for its copper project in Zambia.

What Happened: KoBold Metals CEO Kurt House has revealed that the firm is studying investment options in the Democratic Republic of Congo. Despite a failed bid for a Congo asset, the company remains optimistic about the region’s prospects, reported Bloomberg.

House said that he believes that Congo’s rich cobalt and copper resources could benefit the company’s pursuit of green energy materials.

Demand for these materials, integral to clean-energy infrastructure and rechargeable batteries, is predicted to skyrocket in the coming decade.

KoBold’s interest in Congo aligns with US President Joe Biden’s mission to boost American investments within the electric vehicle supply chain.

The company’s investors include Bill Gates‘s Breakthrough Energy Ventures and BHP Ltd. BHP, the most valuable mining company in the world.

Why It Matters: KoBold Metals’ contemplated expansion into Congo fits into the broader context of clean energy ambitions.

Earlier in June 2023, Breakthrough Energy Ventures, backed by Gates, Jeff Bezos, and Jack Ma, led a $200 million funding round for KoBold. Other investors included Andreessen Horowitz and Bond Capital.

KoBold uses artificial intelligence to improve mining for metals crucial for electric vehicles (EVs).

The Breakthrough Energy Ventures fund aims to invest in innovative clean energy technologies to fight climate change and expedite the transition to a carbon-neutral future.

KoBold’s potential expansion in Congo could significantly contribute to these clean energy efforts.

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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.