April 27, 2025:
"KoBold Metals is involved in nearly 60 exploration projects across three continents. In Zambia, the company is developing the Mingomba copper-cobalt mine, which contains 247 million tonnes of ore with an average grade of 3.64% copper."
"DR Congo is the world’s number one supplier of cobalt, a metal used in the production of batteries for electric vehicles. But it is also in the midst of an armed conflict that has disrupted mining in the eastern part of the country, where the M23 rebel group has seized large areas of land.
Berkeley-based KoBold raised $537mn during its latest round in January from investors including Gates’s Breakthrough Energy Ventures, whose backers include Bezos and former New York mayor Michael Bloomberg. The company has raised $1bn to date.
Katabuka acknowledged it was “difficult” to do business in DR Congo and that the perception of corruption was “high”. KoBold would insist on “high standards” for its operations, he added.
Separately, several of the billionaires backing the mining operation have environmental and humanitarian interests in DR Congo through their philanthropic foundations."
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"investors own and eat 97% of our mineral wealth while Zambians mainly eat exploitative jobs, ‘black mountains’ and remain with ‘vimigodo’ (big holes) and deadly trenches."
- Chris ZUMANI [Zimba is a Political Scientist, Researcher, Author & Consultant specialized in Comparative Global Governance and Democratic Theories. He holds a PhD, MA, BA and Cert in Political Science. Zimba was President Lungu’s Political Advisor from December 2019 to August 2021.]
#Imperialism #Africa #Congo #Zambia
https://www.ft.com/content/3c5859db-2a46-4111-b823-865dc284c33b
"KoBold Metals is involved in nearly 60 exploration projects across three continents. In Zambia, the company is developing the Mingomba copper-cobalt mine, which contains 247 million tonnes of ore with an average grade of 3.64% copper."
"DR Congo is the world’s number one supplier of cobalt, a metal used in the production of batteries for electric vehicles. But it is also in the midst of an armed conflict that has disrupted mining in the eastern part of the country, where the M23 rebel group has seized large areas of land.
Berkeley-based KoBold raised $537mn during its latest round in January from investors including Gates’s Breakthrough Energy Ventures, whose backers include Bezos and former New York mayor Michael Bloomberg. The company has raised $1bn to date.
Katabuka acknowledged it was “difficult” to do business in DR Congo and that the perception of corruption was “high”. KoBold would insist on “high standards” for its operations, he added.
Separately, several of the billionaires backing the mining operation have environmental and humanitarian interests in DR Congo through their philanthropic foundations."
+++
"investors own and eat 97% of our mineral wealth while Zambians mainly eat exploitative jobs, ‘black mountains’ and remain with ‘vimigodo’ (big holes) and deadly trenches."
- Chris ZUMANI [Zimba is a Political Scientist, Researcher, Author & Consultant specialized in Comparative Global Governance and Democratic Theories. He holds a PhD, MA, BA and Cert in Political Science. Zimba was President Lungu’s Political Advisor from December 2019 to August 2021.]
#Imperialism #Africa #Congo #Zambia
https://www.ft.com/content/3c5859db-2a46-4111-b823-865dc284c33b
Ft
Mining group backed by Bill Gates and Jeff Bezos expands into DR Congo
KoBold bets country will be important to US efforts to secure minerals for energy transition
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