Bill Gates-Backed Mining Startup Wants to Expand Into the DRC
KoBold Metals, a mining startup with the support of Bill Gates, is advancing toward potential investments in the Democratic Republic of Congo (DRC) while developing a copper project in Zambia.
CEO Kurt House revealed that the company has submitted a bid for an undisclosed asset in the DRC, although the transaction did not materialize.
House emphasized that the DRC offers a highly favorable environment for the materials essential to KoBold’s global green-energy transition initiatives.
The DRC is the world’s leading producer of cobalt and one of the major sources of copper, both of which are in high demand for clean-energy infrastructure and rechargeable batteries in the coming decade.
KoBold’s interest in the DRC aligns with the priorities of the US President Joe Biden’s administration, which aims to boost American investments in the electric-vehicle supply chain.
The privately-held company boasts the support of Breakthrough Energy Ventures, backed by Bill Gates, and includes BHP Ltd., the world’s largest mining company by market value, among its shareholders.
SOURECE:Bloomberg
