Gates, Bezos invest $537 million in Africa's rare metals sector

KoBold's $537M investment supports exploration, projects, and research to challenge China’s dominance.

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Billionaires Bill Gates and Jeff Bezos have invested $537 million into Africa's rare metals sector, through the US mining startup KoBold Metals.

This move underscores the growing global demand for rare metals, which are crucial to industries such as electric vehicles, renewable energy, electronics, aerospace, and defense.

Africa is rich in these metals, including lithium, cobalt, platinum, and copper, all essential to emerging technologies.

The investment will support exploration efforts, advance high-potential projects, and strengthen research and development initiatives.

KoBold Metals, which made headlines last year with its discovery of a significant copper deposit in Zambia’s Mingomba copper mine, is positioning itself to challenge China’s dominance in the global mineral supply chain. Zambia,

Africa’s second-largest copper producer, stands to benefit greatly from this discovery, which could help meet the rising demand for copper vital for renewable energy and electric vehicles.

KoBold Metals, which has raised $1 billion to date, is focusing its efforts on securing a diverse range of rare metals in Africa. As global powers, particularly the US, seek to reduce dependence on China for the production and processing of rare earth elements.

African nations are poised to become critical players in the global market. The investment is expected to generate significant revenue for African nations, supporting their socioeconomic development and poverty reduction goals.