KoBold Metals, an innovative mining company leveraging artificial intelligence (AI) in exploration, has successfully secured US$537 million in Series C funding, attributing a valuation of US$2.96 billion to the venture. This funding round was spearheaded by Durable Capital Partners LP and T. Rowe Price, with participation from notable investors including Andreessen Horowitz Growth, Breakthrough Energy Ventures, Mitsubishi, StepStone Group, and WCM Investment Management. With this latest influx of capital, KoBold’s total fundraising efforts have reached an impressive US$1 billion.
The primary focus of the newly acquired funds will be to propel advancements in KoBold's exploration technology as well as enhance its research and development initiatives. The company applies AI techniques to identify valuable minerals such as copper, lithium, cobalt, and nickel, utilising diverse data inputs including satellite imagery and drilling reports to predict potential mineral sites. Recently, KoBold successfully identified a copper deposit in Zambia's mineral-rich Copperbelt region.
In a significant development last February, KoBold announced plans to establish a new mining operation at the Mingomba project in Zambia, a venture that has since been expedited in response to increasing market demand. This deposit is estimated to feature copper ore grades of approximately 5%, which could position it as the highest-grade copper discovery in Zambia over the past century.
Additionally, KoBold has been proactive in forming strategic partnerships to bolster the Mingomba project. In October, the company forged a Memorandum of Understanding (MOU) with Africa Finance Corporation (AFC), which aims to ensure the commercial viability of a Zambia-Lobito rail project. This initiative is projected to facilitate the transportation of over 300,000 tons of copper annually from the Mingomba mine. AFC's collaboration with KoBold will encompass project development funding, equity, or debt financing as necessary to support the project's objectives.
As KoBold Metals advances its ambitious plans, the company exemplifies the intersection of AI technology and mineral exploration, potentially setting new benchmarks within the mining sector.
Source: Noah Wire Services