California-based KoBold Metals, whose backers include billionaires Bill Gates and Jeff Bezos, said it aims to start producing copper and cobalt at a project in Zambia within 10 years. KoBold is spending about $150-million to accelerate its search for more deposits at the Mingomba project, located along the fabled African copper belt. The additional studies will be completed in 2024, said Mfikeyi Makayi, the Zambian CEO of the Silicon Valley start-up.
The company's investors understand the lengthy period it takes to build the mine and that securing supplies of these metals is critical, Makayi said.
KoBold also searches for critical metals with BHP Group and Rio Tinto at projects in Australia. Commodity investor EMR Capital and Zambia's ZCCM-IH also own stakes in Mingomba. KoBold wants to find more deposits as big as Mingomba in Zambia and would also explore opportunities in Botswana, Namibia and the Democratic Republic of Congo, Makayi said.
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