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KoBold Metals, a California-based company with backing from billionaires like Bill Gates and Jeff Bezos, announced a significant discovery of a large copper deposit in Zambia. This discovery is crucial amid the global competition to secure materials vital for the shift towards renewable energy and electric vehicles. Copper is particularly in demand for its usage in these sectors.
The company believes its Mingomba copper project in Zambia could become one of the world's largest high-grade copper mines, comparable in scale and quality to the Kamoa-Kakula copper mine located nearby in the Democratic Republic of the Congo. Ivanhoe Mines, a Canadian company, owns a significant stake in the Kamoa-Kakula mine, which is renowned for its rapid growth, high-grade ore, and low carbon footprint.
Zambia ranks as Africa's second-largest copper producer, making the discovery even more significant for the country's economy. KoBold Metals utilises artificial intelligence to identify potential mineral deposits, focusing on copper, lithium, cobalt, and nickel.
Investors in KoBold Metals include prominent names such as Andreessen Horowitz, Equinor, BHP, and Breakthrough Energy, a fund established by Bill Gates. This project could have substantial economic implications for Zambia, with plans to begin copper production within a decade.
Jito Kayumba, a special assistant to the Zambian president, expressed enthusiasm about the project's potential impact on the country's development and economy.
The announcement comes at a time of growing demand for critical minerals, highlighting concerns about global supply shortages. The International Energy Agency has warned about the insufficient supply to meet the needs of the energy transition, particularly due to the concentration of production in a few regions.
China holds the majority of rare earth reserves, with other significant producers including Vietnam, Brazil, and Russia. This discovery in Zambia presents a significant development in diversifying the global supply chain for critical minerals.
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