KoBold Metals, a mining startup backed by Bill Gates and Jeff Bezos, is expanding into the Democratic Republic of the Congo (DRC) by acquiring AVZ Minerals’ stake in the Manono lithium deposit. This deal aims to resolve a long-standing ownership dispute over one of the world’s largest hard rock lithium deposits, a mineral that is crucial for electric vehicle batteries. The Manono project has faced legal challenges since 2023 when the Congolese government revoked AVZ’s mining rights and gave part of the deposit to China’s Zijin Mining.
Under this agreement, KoBold will compensate AVZ for relinquishing its claims, allowing KoBold to develop the southern section of the deposit while Zijin retains the northern part. The company plans to invest US$1B to develop the project and bring lithium supply to Western markets, aligning with US efforts to secure critical minerals supply.
The acquisition is pending regulatory approvals still. Once done, this could enhance both US and DRC economic interests, particularly as the DR offers the US exclusive access to critical minerals in exchange for security assistance amid regional conflicts.
KoBold, which uses AI to identify mineral deposits, currently has around 660 projects globally and aims to strengthen its presence in Africa’s top copper-producing region.
