Mining startup KoBold Metals Company is acquiring mineral exploration company AVZ Minerals’ commercial interest in the Manono lithium mine in the Democratic Republic of Congo (DRC). A framework arrangement has been established, enabling KoBold to mobilize $1 billion for the mine’s development.
KoBold Metals, backed by Bill Gates and Jeff Bezos, has committed to concluding the commercial agreement with urgency, highlighting the value the mine will bring for the local market. The mine is expected to create thousands of jobs for local Congolese while providing a direct supply for Western markets.
KoBold Metals’ interest in the Manono project aligns with U.S. efforts to secure new critical minerals supplies.
