KoBold Metals, a mining enterprise supported by a consortium of billionaires including Bill Gates and Jeff Bezos, is expanding its operations in Zambia through a partnership with Midnight Sun Mining to explore the Dumbwa target within the Solwezi copper project.
The U.S.-based startup aims to secure a 75% stake in the Dumbwa target by investing $15 million in exploration and making cash payments totaling $500,000 over four-and-a-half years.
Midnight Sun’s President and CEO, Al Fabbro, expressed anticipation for KoBold’s innovative exploration approach at the Dumbwa Target, aligning with the projected surge in global copper demand.
According to Mfikeyi Makayi, CEO of KoBold Metals Africa, the Dumbwa target exhibits a structural setting similar to other significant deposits in the region. Leveraging their extensive experience in the African Copperbelt, coupled with proprietary technology, KoBold aims to vigorously explore the Dumbwa area.
KoBold has already made strides in Zambia with its flagship Mingomba project, where a pre-feasibility study and resource definition drilling are underway. KoBold’s President, Josh Golman, anticipates exceptional findings in the Mingomba project’s resources.
Supported by Breakthrough Energy Ventures, KoBold employs artificial intelligence to pinpoint essential minerals like copper, cobalt, nickel, and lithium. This technology promises to uncover resources that conventional geologists might overlook, aiding miners in strategic land acquisition and drilling decisions.
KoBold is currently advancing 60 projects across Africa, North America, Australia, and Asia.
