KoBold Metals Co. has reached a preliminary agreement to move forward with the development of one of the world’s biggest hard rock lithium deposits in the Democratic Republic of Congo.
(Bloomberg) — KoBold Metals Co. has reached a preliminary agreement to move forward with the development of one of the world’s biggest hard rock lithium deposits in the Democratic Republic of Congo.
The firm, backed by billionaires Bill Gates and Jeff Bezos, reached a framework agreement with Australia’s AVZ Minerals Ltd. to buy the latter’s stake in project on the Manono deposit, according to a letter signed by KoBold Chief Executive Officer Kurt House and his AVZ counterpart Nigel Ferguson.
“The agreement will enable KoBold to rapidly deploy more than $1 billion to bring the Manono lithium to Western markets,” said the companies, which are working on the arrangement with the US and Congolese governments. The announcement comes after Congo’s President Felix Tshisekedi met with Massad Boulos, US President Donald Trump’s senior adviser for Africa, to discuss potential American investment and security assistance in Congo’s fight against a Rwanda-backed rebel group.
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