Billionaires-backed KoBold_Metals invests in new Zambia copper mine
IKoBold has used data-crunching algorithms to build what’s been described as a Google Maps for the Earth’s crust.
to developing the Mingomba copper-cobalt mine in Zambia, said to be the world’s highest-grade undeveloped large deposit of orange metal. as shareholders, will use its artificial intelligence tools to process drilling data and optimize exploration for copper and cobalt at Mingomba.KoBold is buying into what will be a joint venture with the existing owners of the project — Australian private equity firm EMR Capital and Zambia’s state-owned mining investment vehicle ZCCM-IH .
The mine development would be a major win for Zambia’s President Hakainde Hichilema, who has set an ambitious copper production target of 3 million tonnes a year by 2032, from around 850,000 tonnes the country produces at the moment. The investment deal, which will grant KoBold a majority stake in Mingomba, is set to close in the first quarter of 2023.
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