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Bill Gates and Jeff Bezos-backed KoBold Metals discovers mega copper deposit in Zambia, a key resource for turbocharging renewable energy and revolutionizing electric vehicles.
A veritable mineral treasure has just been discovered in Zambia: a mega-deposit of copper, financed by none other than Bill Gates, Jeff Bezos and other giants of the technology sector. This copper reserve financed by Bill Gates and Jeff Bezos promises to transform the global industrial and technology sector, while highlighting the importance of this metal in the transition to green energy.
Artificial intelligence helped discover copper reserve
A KoBold Metals, a mining startup based in the San Francisco Bay Area, is responsible for the discovery. Using artificial intelligence (AI), the company is searching for essential materials to support the global energy transition. Its shareholders include big names such as Breakthrough Energy Ventures — a fund backed by Bill Gates and Jeff Bezos — as well as other giants such as T. Rowe Price Group and Equinor ASA.
The project, located at the Mingomba mine, is being described as one of the most promising in the world today. Josh Goldman, president of KoBold Metals, compared the potential of the Mingomba copper reserve to that of the Kakula mine in the Democratic Republic of Congo, which produced nearly 400 tonnes of copper last year. According to Goldman, “Mingomba will be one of the highest-grade, large underground mines.”
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Why is copper so important?
Copper plays a crucial role in technologies such as wind farms, solar energy, high-voltage cables and electric vehicles. As the green revolution progressed, demand for copper soared, increasing global competition for reserves of this scarce resource.
This new copper reserve funded by Bill Gates and Jeff Bezos is seen as a solution to the anticipated shortfalls of the future. While copper prices may fluctuate in the short term, KoBold Metals is focused on the long-term impact, targeting growing demand through 2035.
The use of AI technology in mining
KoBold Metals’ biggest difference lies in its use of artificial intelligence. The technology is used to analyze complex data and optimize the exploration of resources such as copper and cobalt. At Mingomba, AI helps identify the most promising areas for mining, reducing costs and increasing efficiency.
Goldman highlighted that the company has already invested around US$ 100 million in exploration in the last year and plans to surpass that mark in 2024. He explained that KoBold's strategy is to invest on the same scale as big names in mining, such as BHP and Rio Tinto, but with the technological differential of artificial intelligence.
A long-term investment
Despite the current challenges in the market battery metals, like low prices, KoBold Metals takes a long-term approach. The company seeks to position itself to meet growing demand in the coming decades, especially in the face of competition from China, which dominates mining investment in Africa.
The $2 billion Mingomba project is still in its early stages. Production is expected to begin early next decade, but before then, studies and resource estimates need to be completed.
The new reserve and its impact on Zambia
The discovery of the Mingomba copper reserve brings new hope to Zambia, Africa’s second-largest copper producer. The country, which has faced years of declining production, is now aiming to triple its production capacity in the next decade.
This partnership between KoBold Metals and the Zambian government is seen as a milestone for the sector, with the potential to attract further investment and strengthen the local economy. Mingomba, being the company’s most advanced project, is expected to put Zambia back on the global map as a major player in copper production.
The influence of Bill Gates and Jeff Bezos on the copper market
The involvement of figures such as Bill Gates and Jeff Bezos in financing this project is a reflection of the strategic importance of copper. Both are strong advocates of the transition to clean energy and see this metal as a key element for a sustainable future.
The discovery of the new copper reserve is more than a mining milestone; it is a crucial step for the global technology and energy industry. With climate change pushing for green alternatives, copper is emerging as one of the most valuable resources on the planet.
The discovery of the copper reserve funded by Bill Gates and Jeff Bezos is not only good news for Zambia, but also for the entire world. At a time when the energy transition is essential, copper emerges as an indispensable resource to ensure the success of new technologies.
By then the US will have already gone bankrupt.
Who exactly financed it?