KoBold Metals’ $537m Funding Boost Signals Gains for Africa’s Mining Industry
KoBold Metals, the U.S.-based AI-driven mining startup backed by Bill Gates and Jeff Bezos, has raised $537 million in a Series C funding round, valuing the company at $2.96 billion. This milestone promises significant benefits for Africa's mining industry, particularly through KoBold’s development of the Mingomba copper mine in Zambia.
Mingomba, one of the world’s richest copper deposits, is central to KoBold’s expansion strategy. The company plans to channel a significant portion of the $2 billion project cost into developing the mine, which is projected to produce 300,000 tonnes of copper annually by the 2030s. This initiative will generate thousands of jobs, bolster infrastructure, and position Zambia as a vital player in the global energy transition.
KoBold’s use of cutting-edge AI and machine learning, combined with geoscientific expertise, revolutionizes the discovery and extraction of critical minerals like copper, lithium, and nickel—key resources for electric vehicles and renewable energy. CEO Kurt House noted that 40% of the recent funding will support advancing high-potential projects, with Mingomba receiving a major share of the investment.
The company’s efforts underline Africa’s growing significance in the global push for sustainable mining and critical mineral supply diversification. Increased foreign investment, technology transfer, and job creation across the continent reflect the potential of Africa’s untapped resources.
Carmichael Roberts of Breakthrough Energy Ventures called KoBold’s approach transformative, promising a secure, clean energy future. With over $1 billion raised so far, KoBold is paving the way for responsibly harnessing Africa’s vast mineral wealth.
Article written by Martin Kamania - Chief Operations Officer (COO) Email: martin@afeze.africa