AI-powered mining startup KoBold Metals has raised $537 million in funding
KoBold Metals, the US mining startup backed by billionaires Bill Gates and Jeff Bezos, has raised $537 million in a Series C funding round.
Led by Permanent Capital Partners and T. Rowe Price Funds, this investment values KoBold at $2.96 billion.
The funding will accelerate exploration for minerals such as copper, lithium and nickel, which are vital to technologies such as electric cars and mobile phones.
To date, the company has raised $1 billion in total funding.
KoBold plans to use the proceeds for new exploration, development of “high-potential” projects for production, and enhanced research and development (R&D) efforts. Bloomberg.
The Kobold Mingumba copper mine in Zambia has been specifically earmarked for development, With the company announcing a huge stock of copper On site in February 2024.
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The Mingumba project, estimated to cost $2 billion, is expected to produce at least 300,000 tons of copper annually from the 2030s.
About 40% of the new capital is set to be spent on developing existing projects into mines, with the project in Zambia receiving the majority of this investment, KoBold CEO Kurt Haus said.
Furthermore, KoBold plans to hire data scientists with technical backgrounds and geologists to conduct field surveys and collect data.
The company is also planning a potential initial public offering within the next three to five years, House said.
Breakthrough Energy Ventures managing partner Carmichael Roberts has been cited before Financial Times He also said KoBold’s AI-driven approach to mineral exploration would create a “safer, more affordable and clean energy future for all.”
KoBold is collaborating with mining giants BHP and Rio Tinto on significant mineral exploration initiatives in Australia and Canada.
KoBold Metals combines geoscience expertise with artificial intelligence, machine learning and data science to enhance and accelerate the exploration process to identify critical minerals needed for the global energy transition.
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