KoBold Metals AI-Driven Exploration Fuels Future of Mining with $537mn Series C Funding

KoBold Metals

KoBold Metals, a pioneering U.S.-based mining exploration startup, has successfully secured $537 million in a Series C funding round, marking a significant advancement in artificial intelligence (AI)-powered exploration for critical minerals. This substantial investment, co-led by Durable Capital Partners and asset management giant T Rowe Price, has propelled KoBold's post-money valuation to an impressive $2.96 billion.

Expanding Horizons in Critical Mineral Exploration

KoBold Metals operates at the intersection of technology and natural resources, utilizing AI to enhance the efficiency and success rates of mineral exploration. This recent influx of capital will be directed towards expanding the company’s operations, particularly focusing on minerals that are pivotal for the future of technology and sustainable energy solutions, including cobalt, nickel, lithium, and copper.

Strategic Investments and High-Grade Projects

Among the notable investors in KoBold are tech magnates Bill Gates, co-founder of Microsoft, and Jeff Bezos, founder of Amazon, who have shown a strong commitment to innovative solutions for critical resource extraction. This investment underscores the growing importance of sustainable and technologically advanced mining operations globally.

One of KoBold's flagship projects, the Mingomba copper project in Zambia, stands out as a future cornerstone in the mining industry. With expectations to become Zambia’s largest copper mine and one of the highest-grade copper mines globally, KoBold aims to commence production by the early 2030s. This project not only highlights the company’s growth trajectory but also its role in bolstering local economies and the global copper supply chain.

KoBold to Acquire Stake in Manono Lithium Project Amid US Push into DRC

Manono lithium

First major US lithium investment in DRC since 2016

KoBold Manono lithium project investment marks a strategic entry by the U.S.-based startup into the Democratic Republic of Congo (DRC), securing critical battery metals amid intensifying global competition. KoBold Metals will acquire AVZ Minerals’ stake in the Manono lithium deposit—one of the world’s largest undeveloped hard rock lithium assets.

Over $1 billion planned for Western market access

KoBold, backed by prominent investors such as Breakthrough Energy Ventures, plans to invest over $1 billion to develop and commercialize Manono’s lithium supply chain for Western markets. This deal represents the first significant U.S. mining investment in the DRC since 2016, reinforcing U.S. efforts to diversify lithium sourcing away from China.

Dispute with Zijin Mining still unresolved

However, the Manono project remains entangled in an ownership dispute. Chinese firm Zijin Mining also claims rights to the project and is aiming for a 2026 production start. As part of the new agreement, AVZ will propose a temporary suspension of arbitration proceedings at the International Centre for Settlement of Investment Disputes (ICSID) to facilitate negotiations. AVZ had earlier revised its joint venture with Suzhou CATH, granting CATH rights to purchase all spodumene output from Manono.

The Metalnomist Commentary

KoBold’s move into the Manono lithium project signals growing geopolitical urgency in securing battery metals outside China’s orbit. While the ownership dispute introduces short-term uncertainty, the scale of investment suggests long-term U.S. commitment to Africa’s critical mineral assets.

KoBold Mingomba Copper Project Advances as Zambia Targets Major Supply Growth

KoBold Metals

KoBold Mingomba copper project has broken ground in Zambia, moving one of Africa’s largest planned copper mines closer to development. The project is expected to cost more than $2.3bn and produce more than 300,000 t/yr of copper once fully ramped up.

KoBold Mingomba copper project is strategically important because Zambia wants to lift national copper production to about 3mn t/yr by the early 2030s. A project of this scale could become one of the country’s most important new supply sources.

KoBold Mingomba copper project also highlights the growing role of AI-led exploration in critical minerals. KoBold has used proprietary artificial intelligence and machine-learning tools to define a high-grade copper resource deep underground.

The company acquired Mingomba in December 2022. It is now beginning early construction work before completing all engineering studies, with a final cost estimate expected by early next year.

Zambia Copper Investment Gains Momentum

Mingomba could become one of Zambia’s largest copper investments. At more than 300,000 t/yr of planned output, it would rank with some of the largest single copper assets globally.

The project supports Zambia’s wider copper growth strategy. The country is trying to attract large-scale mining investment after years of operational, tax and policy uncertainty.

Other producers are also expanding in Zambia. Barrick and First Quantum are pursuing projects that could help rebuild national output growth.

This matters because copper demand is rising from grids, electric vehicles, renewable energy infrastructure and AI data centres. But new mine supply remains difficult to deliver.

Permitting delays, declining grades and higher capital costs continue to slow global copper development. This gives high-grade, large-scale African projects greater strategic value.

Zambia has a natural advantage because it already has mining infrastructure, workforce experience and established copper export channels. However, execution still depends on policy stability, power supply, transport and downstream processing capacity.

AI Exploration Adds New Dimension to Copper Supply

KoBold’s approach makes Mingomba more than a conventional copper project. The company has built its strategy around using AI and machine learning to analyse geological data and accelerate discovery.

Technology-led exploration is becoming more important as the mining industry searches for deeper, harder-to-find deposits. Many easy copper discoveries have already been developed.

Mingomba’s deep underground resource shows why new exploration methods matter. Future copper supply will increasingly depend on better data, faster targeting and more efficient drilling.

KoBold is backed by major technology and energy-transition investors, including Bill Gates, Jeff Bezos and Sam Altman. That investor base reflects copper’s growing role in electrification and strategic materials policy.

The company is still assessing smelting and refining options for Mingomba’s output. This will be important because mine production alone does not guarantee secure copper supply.

Processing, logistics and offtake structures will determine how Mingomba’s copper enters global markets. Zambia’s ability to capture more value domestically may also shape the project’s long-term impact.

KoBold is also expanding its African critical minerals strategy. It has outlined plans for lithium exploration in the Democratic Republic of Congo by 2027 and is reviewing lithium and nickel opportunities in Namibia. It has also begun early-stage copper exploration in Botswana.

The broader signal is clear. Africa is becoming central to the next phase of copper and critical minerals supply, while technology-led exploration is changing how new deposits are found and financed.

The Metalnomist Commentary

Mingomba is important because it combines scale, grade and timing in a copper market short of credible new supply. If KoBold can convert AI-led discovery into mine execution, Zambia could gain one of the most strategically important copper assets of the next decade.

PowerStone Metals Acquires Libra Lithium to Bolster Lithium Exploration in Canada

PowerStone Metals

In a strategic move to enhance its position in the critical minerals sector, Canadian mineral explorer PowerStone Metals has signed a definitive agreement to merge with Libra Lithium. This all-stock merger aims to accelerate the exploration and development of essential minerals like lithium, pivotal for the burgeoning battery and renewable energy markets.

Expanding Lithium Resources

The merger brings together PowerStone's robust exploration capabilities with Libra Lithium's significant assets, including six lithium projects in Ontario and one in Quebec, focusing on pegmatite and sedimentary resources. Additionally, Libra Lithium is currently engaged in a $33 million earn-in deal with US-based KoBold Metals. This partnership is set to explore Libra’s notable projects such as Flanders South, Flanders North, and Soules Bay-Caron in Ontario, leveraging KoBold's cutting-edge artificial intelligence technology to pinpoint new critical metal deposits.

Strategic Implications for the Lithium Market

This merger is expected to create a formidable entity in the mineral exploration industry, particularly within the lithium sector, which is critical for the production of electric vehicle batteries and renewable energy solutions. The integration of PowerStone and Libra Lithium's resources and technological collaborations highlights a significant step towards securing a stable and efficient supply chain for lithium in North America, amidst growing global demand.

KoBold lithium permits in DRC intensify Manono stakes and battery-metal geopolitics

KoBold lithium

KoBold lithium permits in DRC widened the US start-up’s footprint with seven new exploration titles. The KoBold lithium permits in DRC cover lithium and other strategic minerals in Manono and Malemba Nkulu. As a result, KoBold lithium permits in DRC raise the project’s profile and the geopolitical temperature.

Manono resource scale and contested ownership

Manono ranks among the largest undeveloped lithium deposits. Estimates range from 400mn to 669mn tonnes of ore. At 1pc lithium, output could support 500mn to 1bn EV batteries. However, ownership remains contested around Dathcom and overlapping licences. AVZ claims at least 70pc of Dathcom after an ICC ruling. The firm also challenges a Zijin-linked permit overlap. Boundaries for KoBold’s new permits are not fully confirmed.

US critical minerals strategy and DRC governance risks

KoBold’s move aligns with a wider US push for critical minerals. The company signed a non-binding deal to buy AVZ’s Manono stake in May. That would mark the first significant US investment in DRC mining since 2016. Meanwhile, China’s position in African battery metals remains strong. Therefore, the permits add competition for future supply chains. Yet governance risks in the DRC stay material. Overlapping claims and opaque negotiations threaten timelines and capital discipline.

The Metalnomist Commentary

The permits strengthen KoBold’s options but do not resolve Manono’s legal knots. Watch licence boundary confirmations, arbitration outcomes, and any shift in offtake diplomacy as OEMs seek secure spodumene exposure.

US Shifts DRC Strategy in Play for Minerals

DRC Mining

Washington’s pivot to resource diplomacy marks renewed interest in African lithium and cobalt amid China rivalry

KoBold Eyes Lithium as US Reengages in the DRC

The US is renewing its focus on the Democratic Republic of Congo (DRC), with minerals now central to diplomatic strategy. KoBold Metals, backed by Jeff Bezos, is in talks to acquire the Manono lithium project—America’s first major DRC investment since 2016. Meanwhile, the DRC offered the US access to mineral assets in return for help against the M23 insurgents in the northeast. As a result, the Manono mine, with 400mn tonnes at 1.65% lithium oxide, could become a strategic anchor for US battery supply chains.

Tshisekedi Looks to Trump, Presses for Security-Mineral Pact

President Felix Tshisekedi asked for US assistance during a recent Fox News interview, linking mineral rights to security support. He emphasized the need for American pressure and sanctions to suppress rebel groups threatening national stability. In return, the DRC hopes to forge a long-term economic and security partnership with Washington that echoes past Cold War-era ties.

US Seeks Leverage as China Dominates Cobalt Market

China owns 21 of 28 major cobalt mines in the DRC, including Tenke Fungurume and Kisanfu, the world’s largest cobalt producers. However, Beijing has shown reluctance to provide military aid, prompting Kinshasa to court U.S. engagement as a counterweight. Meanwhile, the U.S. has eased corruption compliance rules, possibly paving the way for broader business involvement in high-risk jurisdictions.

The Metalnomist Commentary

America’s mineral diplomacy in the DRC may redefine Africa’s geopolitical alignment. KoBold’s bid is more than a business move—it's a signal of strategic intent. Yet risks remain. Any minerals-for-security pact will demand clear red lines to avoid entanglement in regional conflict. The DRC’s mineral wealth is unmatched, but its volatility is equally unparalleled.

Zambian Copper Production Soars 12% in 2024 Amid Resurgence of Major Mines

Zambian Copper

In 2024, Zambia experienced a significant increase in copper production, with a 12% rise compared to the previous year, as major mining operations resumed. Mines and Minerals Minister Paul Kabuswe highlighted the resumed activities at key sites as pivotal to this growth, despite challenges such as energy shortages due to drought affecting hydroelectric power supplies.

Revitalization of Major Copper Mines

The surge in production was primarily fueled by the reactivation of operations at the Mopani underground copper mine. This followed the acquisition of a 51% stake by International Resources Holding from Abu Dhabi, marking a significant turnaround in the mine's output. Additionally, operations recommenced at Konkola Copper Mines (KCM), following the resolution of an ownership dispute with UK-based Vedanta Resources, which has now committed $1.3 billion to rejuvenate the mine over the next five years.

Expansions and New Investments Set to Boost Future Output

Further boosting the sector's prospects, Barrick's Lumwana copper mine began the development of a super pit expected to double its production capacity to 240,000 tons per year upon completion. Moreover, KoBold Metals, a company leveraging artificial intelligence in mining and backed by US investors, plans to invest $2 billion in a new copper project, signaling robust confidence in Zambia's copper industry's future.