AI exploration yields "world-class copper mine", Silicon Valley unicorn believes new model has great potential
A month ago, AI mineral exploration unicorn KoBold Metals discovered a "world-class copper mine" on the Mingomba project in Zambia and compared the potential of the mine to the Kamoa-Kakula copper mine with an annual output of nearly 400,000 tons.
Josh Goldman, co-founder and president of KoBold Metals, told the media that the company's investors are particularly excited about the discovery at a time when the mining industry is struggling to keep up with the metal-intensive energy transition.
"They're delighted with the news because that's what we set out to do, which is to discover, source and develop the mineral resources needed for the energy transition," Goldman said. "This is the first big win for the company and it's the first major win for the company in the world." One of the most extraordinary ore bodies."
KoBold said the company used artificial intelligence to create a "treasure map" to help find new deposits of copper, lithium, cobalt, nickel and other materials. Currently, the company has more than 60 projects in the exploration stage in many countries around the world.
Goldman said, "The Central African copper belt is the place in the world where you can find this extraordinary grade, which is why we are there." The company is now focusing on advancing the Mingomba project, which is expected to start producing copper within 10 years.
KoBoldMetals said that most of the copper ore currently mined has an ore grade of around 0.6%, while its Mingomba deposit has a copper grade of more than 5%. "This means you only need to mine a smaller amount of ore to get the same amount of copper."
"With a 0.5% deposit you have to mine 200kg of rock to get 1kg of copper, and with a 5% deposit you only have to mine 20kg of rock to get 1kg of copper. So, your impact on the planet It's much smaller and creates a lot less waste."
In addition, KoBold is also seeking to discover the next major mineral treasure trove. "More resources may be found. The question is where is the next Mingomba?" In recent years, copper has been in increasing demand in clean energy. Zambia is Africa's second-largest copper producer after Congo.
Goldman also mentioned that the company plans to publicly list its stock in the next three to four years. "We do expect that, at the appropriate time, becoming a public company will probably be the best way to finance the business."
