Bill Gates-backed mining start-up discovers Zambian copper deposit using AI
What's the story
KoBold Metals, a California-based mining start-up backed by billionaires Bill Gates and Jeff Bezos, has uncovered a massive copper deposit in Zambia.
The company utilizes artificial intelligence to locate crucial minerals needed for the shift to renewable energy.
KoBold Metals's President Josh Goldman described the find as "one of the world's biggest, high-grade large copper mines," comparing it to the Kamoa-Kakula copper mine in the Democratic Republic of Congo.
Project
Construction plans and funding for new copper mine
Following this discovery, KoBold Metals is accelerating its plans to construct a copper mine in Zambia within the next ten years.
Zambia is the second-largest copper producer in Africa, after the Democratic Republic of the Congo.
Company executives informed Reuters that the upcoming Mingomba mine might cost up to $2 billion and that they are open to forming partnerships.
KoBold is also contemplating going public in the coming years, with construction on the mine possibly commencing as early as 2027.
Process
AI-driven exploration for critical minerals
To find copper, lithium, cobalt, and nickel deposits, KoBold Metals employs AI to analyze data such as drilling results and satellite imagery, generating maps of Earth's crust.
These minerals are vital for creating renewable energy infrastructure and electric vehicles.
However, current supplies are inadequate, with the International Energy Agency (IEA) stating that access to these minerals and necessary investments "fall short of what is needed to transform the energy sector."
List
A look at the investors in KoBold Metals
KoBold Metals was founded in 2018.
The start-up's investors include Norwegian energy giant Equinor, US venture capital firm Andreessen Horowitz, and the world's biggest mining group BHP.
Breakthrough Energy, a climate and technology fund founded by Gates, is also an investor.
Some of Breakthrough Energy's backers are Amazon's Bezos, Bridgewater Associates' Ray Dalio, Alibaba's Jack Ma, and Virgin Group's Richard Branson.
Sources
Where are rare earth minerals mostly found?
Most reserves of rare earth minerals are located in China. However, Brazil, Russia, and Vietnam are also major sources countries based on their reserve volume. Rare earth deposits have also started appearing in India.