KoBold Metals, supported by Bezos and Gates and secured a deal for disputed Congo Lithium deposit

KoBold Metals - the mining company owned by U.S. billionaires Jeff Bezos & Bill Gates - has signed a deal with the Democratic Republic of Congo. This agreement allows the U.S. company to purchase the controversial Manono Lithium deposit and begin large scale critical mineral exploration.

The deal is a dramatic increase in the fight for Manono, a lithium deposit in northern Congo that is considered to be one of the largest in the world, and crucial for batteries for electric vehicles.

AVZ Minerals, a company based in Australia, has been involved in a long-running legal dispute over Congo's mining rights. KoBold’s agreement positions the Californian firm as Congo’s preferred partner in resolving the impasse and developing the resource.

Felix Tshisekedi, the DRC president, confirmed the agreement in a post on social media. AVZ was not immediately available for comment.

The agreement was signed on Thursday by the Congo's Mines Minister and KoBold local director, but announced on Friday.

According to the agreement, it commits the Congolese Government to support KoBold’s initiative to purchase and develop the Roche Dure Lithium deposit located in Manono. It also resolves disputes that have delayed project development.

AVZ originally held the permit for the Manono Project, but the DRC Mines Ministry revoked it in 2023 on the grounds that the project hadn't advanced fast enough. Zijin Mining was later granted the rights, which prompted AVZ's appeal to the International Court of Arbitration of International Chamber of Commerce and International Centre for Settlement of Investment Disputes.

KoBold will have to apply for exploration permits covering an area greater than 1,600 sq km (618 sq miles) by July 31. The central African nation must also appoint a representative who will facilitate the Manono purchase before the same date.

The agreement states that "KoBold Metals will initiate a large scale mineral exploration program in DRC using the most advanced technology available to find critical minerals deposits."

KoBold claims to use artificial intelligence in order to find copper, nickel, cobalt and lithium deposits. The deal follows a June deal brokered by President Donald Trump to end fighting in the mineral-rich eastern Congo, in exchange for Western investment. The deal supports U.S. Lobito Corridor initiative, which aims to create secure supply chains while reducing Chinese dominance of critical minerals.

The agreement also states that KoBold will digitize geological data at the Royal Museum of Central Africa, and make historical geoscientific information available to the public through Congo's National Geological Service. Reporting by Maxwell Akalaare Adombila Editing By Rod Nickel

(source: Reuters)