KoBold Metals, a start-up backed by a coalition of billionaires including Bill Gates and Jeff Bezos, has partnered with Britain’s Bluejay Mining (LON: JAY) to explore for critical materials used in electric vehicles (EVs) in Greenland.
KoBold, which uses artificial intelligence and machine learning to help find key minerals for green technologies, will pay $15 million in exploration funding for the Disko-Nuussuaq project on Greenland’s west coast in exchange for a 51% stake in the project, Bluejay said in the statement.
Shares in Bluejay Mining skyrocketed on the news, trading up 25% in London at 11.64p by mid-day local time. This is the highest the stock has traded since Feb. 19, when it hit 11.9p. It leaves the exploration company with projects in Greenland and Finland with a market capitalization of 113.23 million pounds (about $157m).
The Disko-Nuussuaq licence holds metals such as nickel, copper, cobalt and platinum and KoBold’s funding will cover evaluation and initial drilling.
BlueJay said previous studies have found that the area in western Greenland resembles the geology of Russia’s Norilsk region, a main producer of nickel and palladium.