Billionaire-backed KoBold, Midnight Sun team up for Zambia copper discovery – by Henry Lazenby (Northern Miner – May 2024)

KoBold Metals, a U.S.-based startup supported by high-profile investors such as Bill Gates and Jeff Bezos, is venturing into Zambia’s rich copper belt. In February it partnered with Canada’s Midnight Sun Mining (TSXV: MMA) to explore the promising Dumbwa target within the Solwezi copper project.

This strategic alliance will leverage KoBold’s advanced data science techniques and Midnight Sun’s extensive local experience. The goal is for KoBold to earn a 75% stake in the Dumbwa target by investing US$15 million in exploration and making US$500,000 in cash payments over 4.5 years.

“Partnering with KoBold allows us to explore this vast property with the necessary capital and expertise,” Midnight Sun’s marketing and communications director Adrien O’Brien told The Northern Miner’s Energy Transition Metals Summit in Washington, D.C. in April. “Their tech-driven approach combined with our local knowledge creates a powerful synergy aimed at unlocking Dumbwa’s full potential.”

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