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.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Gates, Bezos-backed KoBold Metals to build copper mine in Zambia within 10 yearsThe California-based firm is spending about $150 million to speed up additional exploration at its Mingomba project.
Read more »
From scraps to solutions: charting progress in metals recyclingLearn how metal recycling is driving positive change for a more environmentally friendly world and a circular economy.
Read more »
Billionaire investor Michael Fisch struggles to keep cool at explosive NYC divorce hearingMaybe he’s more used to a boardroom than a courtroom. Billionaire investor Michael Fisch struggled to keep his cool as tensions boiled over at a sensational hearing in his divorce battle this…
Read more »
Billionaire toys seized from Russian oligarchs are costing taxpayers dearly as countries fail to sell themCountries across the globe are struggling to sell assets seized from Russian oligarchs, but their taxpayers are footing the bill for upkeep in the meantime.
Read more »
San Francisco left-wing official lashes out at Elon Musk after billionaire calls for his firingA San Francisco County Supervisor fired back at Elon Musk after the billionaire claimed Dean Preston was likely responsible for the 'destruction' of the city.
Read more »
HP slumps lower as Warren Buffett trims stake after muted Q3 earningsBillionaire investor Warren Buffett continues to trim his stake in PC maker HP following the group’s disappointing third earnings last month.
Read more »