Backed by billionaires Bill Gates and Jeff Bezos, KoBold Metals is on the cusp of being one of the most sought-after exploration companies. The Silicon Valley-based company has discovered some of the most significant copper deposits in Zambia at a time of increased focus on renewable energy and electric vehicles. The Mingomba copper project in Zambia and on the border with the Democratic Republic of Congo is the center of attention amid the latest discovery.
KoBold Metals Copper Discovery
In a press release, KoBold Metals confirms that the Mingomba project could become one of the world’s biggest high-grade copper mines after the discovery of large-scale copper deposits. Likewise, it positions the company at the global race’s center in the push for materials critical to the energy transition.
Copper has emerged as one of the most sought-after metals at the center of increased focus on clean energy. Metal also plays a massive role in the electrification of the auto industry. The growing demand for electric cars has triggered a significant increase in demand for the metal in the industry as it is used in electric motor batteries and the wiring of charging stations.
Its prices are expected to soar by more than 75% over the next two years amid higher demand and mining supply disruptions across the globe. With more than 60 countries backing a plan to triple the global renewable energy capacity by 2030, demand for the metal can only continue to increase amid a limited number of mines in operation.
KoBold Metals remains well-positioned to capitalize on the exponential growth in demand as it moves to accelerate exploration and mining operations. The company plans to start producing copper in the mine within the next 10% years.
Growing Copper Demand
The company is already leveraging artificial intelligence technology to create Google Maps of the Earth’s crust as it seeks to find new deposits of copper, lithium, cobalt, and nickel. In addition, the company remains well financed to accelerate its exploration and mining operations as it boasts a rich list of backers. The Silicon Valley startup backers include the likes of Andreessen Horowitz, Norwegian energy giant Equinor and the world’s largest mining group BHP. It also boasts the backing of Breakthrough Energy, a climate and Technology Company founded by Bill Gates in 2015.
Copper mining activities at the Mingomba project are expected to have a significant impact on the African nation. That’s because the International Energy Agency has warned that the current global supply of critical metals needed for the energy transition falls short of what is needed to transform the energy sector. Consequently, copper prices are expected to continue increasing amid the soaring demand.
The higher renewable energy targets are expected to boost copper demand by more than 4.2 million tons by 2030. Consequently, prices for the critical metal are expected to surge to highs of $15,000 a ton by next year, way higher than the record highs of $10,730 a ton recorded early last year.
