With backing from IT titans Bill Gates and Jeff Bezos, the founder of Amazon, the California-based unicorn mining company, Kobold has claimed a significant copper discovery in Mingomba, northern Zambia. This accomplishment comes after a year of relentless mining operations that raised KoBold to the unicorn rank, valued at $1 billion.
Under the direction of CEO Kurt House, KoBold uses artificial intelligence to locate new essential mineral deposits, such as those of copper, lithium, nickel, and cobalt—all necessary for producing battery materials. The Mingomba copper deposit, dubbed “extraordinary” by Josh Goldman, President of KoBold, is comparable to the productive Kakula mine in the Democratic Republic of the Congo, which produces a substantial amount of copper.
KoBold initiated exploration and mining operations in Mingomba over a year ago, spending $150 million. The business increased the number of drilling rigs from one to six as part of its infrastructure expansion. It also conducted substantial deep drilling, sinking as deep as 1,800 to 2,000 meters. Drilling program results showed a continuous, high-grade mineralized ore body, indicating Mingomba’s potential as a significant underground mine.
KoBold’s strategic focus on hard-to-find battery materials fits perfectly with the market’s increasing need for electric vehicles. Despite the recent volatility in commodity prices, particularly for copper and lithium, KoBold is unwaveringly committed to long-term objectives. Josh Goldman underlined the company’s dedication to long-term investments, saying short-term swings in 2024 will not outweigh commodities prices in 2035.
KoBold is demonstrating its commitment to future production by proposing constructing a $2 billion facility at the Mingomba site, even while feasibility studies are still being conducted. According to the company’s investment predictions, it made a significant commitment, spending $100 million on exploration in the year prior and expecting to spend even more in 2024. Major participants in the industry, including Rio Tinto and BHP Group, align with this level of investment.