%KoBold Metals, a U.S- based mining company thats backed by billionaires such as Bill Gates and Jeff Bezos, has discovered a large %Copper deposit in Zambia, Africa.
The large-scale copper deposit is a rare discovery and comes as demand for the industrial metal rises due to its use in renewable energy projects and electric vehicles (EVs).
KoBold Metals has reported that its Mingomba copper project in Zambia will eventually become one of the worlds biggest high-grade copper mines.
Zambia is Africas second largest copper producer after the Democratic Republic of Congo.
KoBold Metals uses a unique process that involves %ArtificialIntelligence (A.I.) to map the Earths crust to help find new deposits of copper, lithium, cobalt, and nickel.
The Silicon Valley start-ups early investors include U.S. venture capital firm Andreessen Horowitz, the worlds largest mining group BHP (NYSE:BHP), as well as individuals such as Gates, Bezos, Virgin Groups Richard Branson, and Jack Ma from %Alibaba (NYSE:BABA).
KoBold Metals has said that it aims to start producing copper at its mine site in Zambia within 10 years.
The International Energy Agency (IEA) has warned that the current global supply of rare earth metals such as copper falls short of whats needed to transform the energy sector.
Most rare earth reserves are in China, Brazil, and Russia, according to the IEA.
The price of copper has dipped 2% so far in 2024 and currently trades at $3.79 U.S. per pound.
COMTEX_447341440/2797/2024-02-05T10:07:09