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KoBold Metals, backed by a coalition of billionaires including Bill Gates and Jeff Bezos, is expanding its footprint in Zambia after inking a deal with Midnight Sun Mining toThe US-based startup aims to earn a 75% interest in the Dumbwa portion of Solwezi, which it could achieve by spending $15 million in exploration and making cash payments totalling $500,000 over four and a half years.
KoBold Metals Africa CEO Mfikeyi Makayi said the Dumbwa target hosted “intriguing” copper-in-soil anomalies and a structural setting comparable to other major deposits in the region. KoBold has an established presence in Zambia, including its flagship Mingomba project for which it is currently completing resource definition drilling and a pre- feasibility study. , according to KoBold president Josh Goldman. He added that the potential of the discovery compared to that of the Kamoa-Kakula mine, owned by Ivanhoe Mines and China’s Zijin Mining.
It collects and analyzes multiple streams of data — from old drilling results to satellite imagery — to better understand where new deposits might be found.
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