KoBold Metals targets lithium deposit in Democratic Republic of Congo

KoBold Metals, a U.S. company backed by billionaires Bill Gates and Jeff Bezos, is looking to explore a significant lithium deposit in the Democratic Republic of Congo (DRC). The country is rich in minerals, including cobalt and gold, and is interested in forming a minerals partnership with the United States. KoBold aims to acquire the mining license for the Manono project, known for its potential large lithium deposits. Sandy Alexander, the chief legal officer of KoBold, expressed interest in developing this asset in a letter to the DRC's president. However, investment in the area is complicated by a legal dispute involving Australian firm AVZ Minerals and China's Zijin Mining Group. Two years ago, the DRC canceled AVZ's exploration license and split the area, awarding part to Zijin. AVZ has since taken its case to the International Court of Arbitration. In addition to the Manono project, KoBold is also using artificial intelligence to explore other mineral sites and has over 70 projects worldwide. The company is also exploring the possibility of developing a new copper mine in Zambia, which could cost around $2 billion.