Latest news with #KoBold
Reuters
21-07-2025
- Business
- Reuters
AVZ Minerals says Congo deal with KoBold breaches arbitration order
DAKAR, July 21 (Reuters) - Australia-based AVZ Minerals (3A2.H), opens new tab, which holds a majority stake in the contested Manono lithium project in the Democratic Republic of Congo, said on Monday a new deal between Kinshasa and U.S.-backed KoBold Metals to develop part of the project breaches an existing international arbitration order. The DRC government said on July 18 it had signed an agreement with KoBold to jointly develop the southern section of the Manono lithium and tin deposit, one of the world's largest untapped sources of the battery metal. The agreement commits the Congolese government to support KoBold's plan to acquire and develop the Roche Dure deposit at Manono, effectively positioning the California-based firm as Kinshasa's preferred partner to unlock the stalled project. AVZ, whose stake in the Manono project is held through its subsidiary Dathcom Mining, is currently locked in arbitration with Congo at the International Centre for Settlement of Investment Disputes over the government's failure to grant a mining permit. The company said Congo's deal with KoBold Metals violates interim orders issued by the ICSID tribunal in January 2024, which required Congo to recognize Dathcom as the holder of the disputed mining license and to protect AVZ's rights during the proceedings. Congolese authorities and KoBold Metals did not immediately respond to requests for comment. "On 18 July 2025, (AVZ) informed the ICSID Tribunal of the KoBold agreement which is a breach (of its orders),' the company said. Though not a party to the KoBold agreement, AVZ said it remains open to "constructive dialogue" with all stakeholders, including KoBold, to reach a commercial resolution that respects its legal and contractual rights.
Business Insider
19-07-2025
- Business
- Business Insider
Gates, Bezos-backed firm secures Congo deal to boost U.S. mineral access
US-based KoBold Metals has entered into a new mineral exploration agreement with the Democratic Republic of Congo, deepening its presence in one of the world's most resource-rich nations. US-based KoBold Metals has reached a tentative agreement for new mineral exploration in the Democratic Republic of Congo. The deal includes rights to explore the Manono lithium project, a key site amid a legal dispute. This move aligns with US strategies to strengthen its mining ties in Africa, countering China's mineral supply chain influence. US-based KoBold Metals has entered into a new mineral exploration agreement with the Democratic Republic of Congo, deepening its presence in one of the world's most resource-rich nations. According to a statement from Congo's presidency on Thursday, the company, backed by billionaire investors including Jeff Bezos and Bill Gates, has reached an "agreement in principle" to apply for exploration permits in the country. The deal includes rights to explore the Manono lithium project, a major site in southeastern Congo currently at the centre of a legal dispute between the government and Australia's AVZ Minerals Ltd, Bloomberg reported. The agreement was signed in Kinshasa by Congolese Mines Minister Kizito Pakabomba and KoBold's local managing director, Benjamin Katabuka. KoBold has not yet issued a public comment. Congo is a critical supplier of key minerals for the global energy transition. It is the world's largest producer of cobalt, the second-largest source of copper, and holds vast reserves of lithium and tantalum, essential for electric vehicle batteries and clean energy technologies. Countering China The signing comes amid growing US efforts to strengthen strategic partnerships in Africa's mining sector, aiming to counter China's dominance in global mineral supply chains. China currently dominates much of Congo's mining landscape, a position bolstered by the exit of major US firms in recent years, most notably when Freeport-McMoRan sold its stake in the massive Tenke Fungurume copper and cobalt mine to China's CMOC in 2016. In response, the US administration is encouraging American investment in Congo's critical minerals sector. In a related development, a US-led consortium, including a company founded by former special forces personnel, is now the leading contender to acquire Chemaf Resources Ltd., a major copper and cobalt producer in Congo. A previous attempt by China's state-owned Norinco Group to purchase Chemaf reportedly failed to secure Congolese government approval. The KoBold deal was announced as part of broader US-Congo cooperation efforts, which also include American-backed peace talks aimed at ending the ongoing conflict in eastern Congo, where a rebel group supported by Rwanda has seized significant territory. KoBold, known for its use of artificial intelligence to identify mineral deposits, also plans to support the digitisation of Congo's geological data.
TimesLIVE
08-05-2025
- Business
- TimesLIVE
KoBold Metals agrees on framework to buy stake in DRC lithium deposit
California-based metals exploration company KoBold Metals said on Wednesday that it had agreed on a framework to buy AVZ Minerals' interests in the Manono lithium deposit in the Democratic Republic of Congo (DRC). The agreement will enable KoBold, which is backed by billionaires Bill Gates and Jeff Bezos, to invest more than $1bn (R18.27bn) to bring lithium from Manono to Western markets. Lithium, a key metal used extensively to make batteries for electric vehicles and various consumer electronics, is produced in limited quantities in the US, leading to a heavy reliance on China. The administrations of both President Donald Trump and his predecessor, Joe Biden, have made efforts to reduce this dependency. Last month, Massad Boulos, President Trump's senior adviser for Africa, said that the US is in talks to invest billions of dollars in the mineral-rich DRC. The country boasts vast reserves of cobalt, lithium, uranium and other minerals essential for the energy transition. Both the Silicon Valley start-up and AVZ Minerals said that they were collaborating with all stakeholders involved in the deal, including the governments of the United States and the DRC.
E&E News
07-05-2025
- Business
- E&E News
Bill Gates-backed firm to buy Congo lithium deposit
KoBold Metals, backed by billionaire Bill Gates, has brokered a deal to buy a massive lithium project in the Democratic Republic of Congo. KoBold, which uses artificial intelligence to explore for materials key to the energy transition, announced Wednesday that it had hammered out a framework for buying Australia's AVZ Minerals' interest in the Manono lithium deposit in the southern Congo in central Africa. The company said the Trump administration helped shepherd through the deal and in a message on X thanked Secretary of State Marco Rubio; Massad Boulos, the department's senior adviser for Africa; and Congolese President Felix Tshisekedi for 'opening doors for U.S. investment' and agreeing on a framework for the investment. Advertisement 'We'll make America & DRC safer, stronger & more prosperous,' the company wrote.
Zawya
05-05-2025
- Business
- Zawya
African Mining Week to Spotlight Cutting-Edge Mining Tech
The upcoming African Mining Week (AMW) – Africa's premier gathering for mining stakeholders, scheduled for October 1-3, 2025 in Cape Town – will feature a dedicated Technology Forum. The forum will connect African mining projects with global technology providers and investors, showcasing how digital solutions are transforming resource extraction and redefining the mining value chain. As African countries scale up mineral production to drive GDP growth, developers are increasingly adopting data analytics and digital tools to boost operational efficiency. U.S.-based startup KoBold Metals, which applies artificial intelligence (AI) to mineral exploration, entered the Democratic Republic of Congo (DRC) in April 2025 to tap into the country's estimated $24 trillion in untapped mineral resources. The DRC – already the world's largest cobalt producer and a key copper supplier – could see its global mining profile rise significantly with KoBold's involvement. In Zambia, the company is advancing the $2 billion Mingomba project, one of the world's most promising untapped copper assets. Similarly, in Zimbabwe, Caledonia Mining is investing $1.1 million in IT infrastructure upgrades at the Blanket Mine as part of its $41.8 million capital budget. The upgrades include new mine planning software and a digital clocking system to improve labor efficiency, with a goal to increase gold output from 76,656 ounces in 2024 to up to 77,500 ounces in 2025. In Botswana, Botswana Diamonds is employing AI-driven exploration to expand beyond diamond mining, recently identifying new prospects for copper, silver, cobalt, gold, nickel, zinc and platinum group metals. 'During the initial analysis of the big database, it became clear that the AI technology could be used to identify other unknown minerals opportunities – and so it turned out,' said John Teeling, Chairman of Botswana Diamonds. Meanwhile, South African firms such as Kilken Platinum and Rio Tinto are deploying digital tools to unlock greater operational value. A joint report by Accenture and the World Economic Forum projects that digitalization could unlock up to R213 billion in additional value for South Africa's mining sector by 2026. Technologies such as predictive maintenance, autonomous operations and real-time data monitoring are helping firms streamline processes, reduce downtime and improve safety outcomes. The Technology Forum at AMW 2025 will feature high-level panels examining how digitalization can optimize infrastructure, enhance safety, predict system failures and support sustainable resource management in a data-driven mining environment. The forum will also provide a platform for mining companies to showcase real-world case studies, exchange knowledge with tech innovators, and explore partnerships that drive long-term value creation. Distributed by APO Group on behalf of Energy Capital&Power. About African Mining Week: African Mining Week serves as a premier platform for exploring the full spectrum of mining opportunities across Africa. The event is held alongside the African Energy Week: Invest in African Energies 2025 conference from October 1-3 in Cape Town. Sponsors, exhibitors and delegates can learn more by contacting sales@
