Silicon Valley-based start-up, KoBold Metals has set its sights on Namibia, seeking deposits of critical metals akin to its successful Mingomba project in Zambia.
The company, driven by its ambition to discover new mineral treasures, is also looking into opportunities in Botswana and the Democratic Republic of Congo.
KoBold Metals, renowned for its innovative approach to resource discovery, has already allocated a substantial investment of US$150 million to accelerate its quest for further deposits at the Mingomba project, which is strategically located along the African copper belt.
“We aim to discover deposits as substantial as Mingomba or even more significant. Maybe they will come in it doesn’t have to be in Zambia, it could be Namibia or Botswana. They’re our partners, but those discussions are yet to be had,” KoBold Metals Zambian Chief Executive Officer (CEO) Mfikeyi Makayi said.
The Mingomba project has already proven to be a game-changer for KoBold Metals, according to Reuters, the project boasts a defined resource of approximately 247 million tons of ore with an average grade of 3.64% copper, translating to an estimated 9 million tons of copper.
Furthermore, the company’s US$150 million investment is expected to expedite the research and exploration process, with plans to conclude the additional research by 2024.
KoBold Metals’ decision to invest heavily in their exploration efforts reflects the growing global demand for critical metals, used extensively in the development of advanced technologies and green energy solutions.
Namibia, in particular, has become an attractive destination for mineral exploration due to its geological potential and stable political environment.
This development in Namibia coincides with the increasing demand for lithium, which is expected to surge by 2025.
The surge is anticipated to result in a significant boost in the estimated value of lithium in Namibia, reaching N$13.9 billion.
According to projections from Simonis Storm, it is expected that lithium will contribute N$4.6 billion in revenue to the government in the extreme case and N$1.7 billion in the conservative case.
In a Lithium Industry in Namibia report, the firm notes that the local lithium sector’s revenue to the government would be the largest compared to all other commodity mining operations in Namibia.
In November of last year, Namibia signed a deal with the EU, ensuring the trade bloc’s access to the country’s rare earth metals to power the global transition to green energy. – The Brief/Reuters