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KoBold Metals Raises $537M, Valued at $2.96B, Highlights AI-Powered Exploration and Zambia Copper Discovery

Jan 1, 2025, 02:30 PM

KoBold Metals, a Berkeley-based mining start-up backed by Bill Gates and Jeff Bezos, has raised $537 million in a Series C funding round, valuing the company at $2.96 billion. The funding round was co-led by T. Rowe Price and Durable Capital Partners, with participation from existing investors such as Breakthrough Energy Ventures and Andreessen Horowitz, as well as new backers like StepStone. The company uses artificial intelligence, including OpenAI technology, to identify untapped deposits of critical minerals like copper, lithium, and nickel, which are essential for technologies such as electric vehicles and renewable energy systems. KoBold has discovered a $2 billion copper deposit in Zambia, expected to produce 300,000 tons annually starting in the 2030s. Approximately 40% of the new funding will be allocated to developing this Zambian project and other existing ventures. KoBold operates across 70 projects on five continents and plans to go public within three to five years. The company aims to diversify global mineral supplies, reduce reliance on China, and address the growing demand for critical minerals driven by the energy transition.