Gates, Bezos-Backed Kobold to Buy Stake in DRC Lithium Project
KoBold Metals, the mining startup backed by Bill Gates and Jeff Bezos, is expanding its footprint into the Democratic Republic of the Congo after inking a framework deal to buy AVZ Mineral’s stake in the Manono lithium deposit.
The agreement aims to resolve a protracted ownership dispute and unlock one of the world’s largest deposits of hard rock lithium, a critical component for electric vehicle batteries.
The Manono project, located in southeastern DRC, has been embroiled in legal battles since the Congolese government revoked AVZ’s mining rights in 2023, subsequently awarding a portion of the deposit to China’s Zijin Mining.
KoBold’s proposed acquisition includes a framework where AVZ would receive appropriate compensation for relinquishing its claims, allowing KoBold to develop the southern portion of the deposit, while Zijin retains control of the northern section.
The deal would see KoBold deploying $1 billion to develop the project and bring its lithium to Western markets, the company said.
This strategic move aligns with the US government’s efforts to secure critical mineral supplies and reduce reliance on Chinese-controlled sources.
US Senior Advisor for Africa, Massad Boulos, recently met with DRC President Félix Tshisekedi to discuss strengthening bilateral ties and promoting American investment in the country’s mining sector.
In February, Congo had offered the US exclusive access to critical minerals and infrastructure projects in exchange for security assistance as it battles a rebellion backed by neighbouring Rwanda in its mineral-rich east.
The Manono deposit is estimated to contain 669 million tonnes of lithium resources, positioning it as a significant asset in the global transition to clean energy.
Africa’s two top copper producers
The acquisition, pending final agreements and regulatory approvals, could expedite the development of this critical resource, contributing to both US and DRC economic interests.
KoBold — which specializes in using artificial intelligence to identify untapped critical minerals deposits — has around 60 active projects across four continents. In Africa, its focal point has been Zambia, where last year it made what was the country’s largest copper discovery in a century.
A move into Congo means the company would have a presence in Africa’s two largest copper producers.
Neither KoBold nor AVZ has disclosed the financial terms of the agreement. The deal’s completion is contingent upon resolving ongoing legal disputes and securing necessary approvals from relevant authorities.
