KoBold Metals Prepares Billions To Develop Ethical Sources Of Critical Metals In DR Congo

KoBold Metals, the mining startup backed by Bill Gates and Jeff Bezos, is ready for a major expansion into the Democratic Republic of Congo (DRC) – a country with a vast commodity wealth, including cobalt, copper, and lithium.

"KoBold is committed to significant investments in the DRC, potentially amounting to billions of dollars. Our goal is to harness the country's rich mineral resources responsibly and sustainably," Benjamin Katabuka, the firm's newly appointed Director-General in the DRC, said to The Financial Times.

The United States has recently intensified its interest in securing African mineral resources to counter China's dominance. Massad Boulos, President Donald Trump's Senior Adviser for Africa, confirmed that the U.S. and the DRC have "charted a path forward" for a minerals partnership that could enhance American access to lithium, cobalt, and copper—resources critical for electric vehicles and energy storage.

KoBold Metals has shown keen interest in DRC's lithium deposits, which could become one of the largest lithium mines globally if legal disputes are resolved. CEO Gerard Barron presented the goal to "responsibly and economically deliver the world's first commercial-scale nodule project."

However, the DRC remains a difficult jurisdiction. Security concerns, such as the ongoing conflict with the M23 rebels, disrupt mining operations, particularly in the eastern regions. Per recent reports, Blackwater founder Erik Prince might provide an initial security deployment in the Katanga province.

Infrastructure challenges, including unreliable energy supplies, further complicate investment. "It's difficult to do business in the DRC," Katabuka acknowledged.

The DRC is the world's leading cobalt supplier and a major copper producer, two elements indispensable for EV batteries and green technologies. Yet, the country has faced criticism for human rights abuses and environmental concerns regarding its mining practices, which NPR dubbed "modern-day slavery."

KoBold's Machine Prospector uses advanced data modeling and AI to systematically analyze geochemical, geophysical, and geological datasets, allowing faster, more accurate identification of mineral prospects without relying solely on manual methods. This approach could enable KoBold to develop new, ethical sources of cobalt that meet rising demand.

So far, the firm has raised over $1 billion, with the latest $537 million round with backers such as Breakthrough Energy Ventures, Equinor, Mitsubishi Corporation, and Standard Investments. The firm's leadership, including founder Josh Goldman, has hinted that KoBold may eventually go public, but for now, it remains privately backed and focused on long-term strategic mineral exploration.

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