KoBold Metals' Strategic Move: Securing Congo's Lithium Treasure

KoBold Metals, supported by Jeff Bezos and Bill Gates, signed a deal to develop Congo's Manono lithium deposit, overcoming a legal battle with AVZ Minerals. The agreement, supported by Congo's President, aims to resolve mining disputes and enhance U.S. mineral supply chains.

KoBold Metals, a mining company with backing from Jeff Bezos and Bill Gates, has entered a pivotal agreement with the Democratic Republic of Congo to access the contentious Manono lithium deposit. This move escalates the battle for one of the world's largest lithium sources, vital for electric vehicle batteries.

Australian firm AVZ Minerals has been engaged in a lengthy legal dispute with the Congolese government over mining rights. The new agreement positions KoBold as a partner to help resolve the impasse and further develop the lithium resources. DRC President Félix Tshisekedi confirmed the deal on social media, while AVZ was unavailable for comment.

Signed on Thursday by Congo's mines minister and KoBold's local director, and announced on Friday, the agreement pledges Congo's support for KoBold's plans to buy and develop the Roche Dure deposit in Manono and address disputes stalling the project's progress. The deal aligns with efforts to bolster U.S. mineral supply chains and reduce Chinese influence.

(With inputs from agencies.)