Billionaire-backed KoBold Metals ties up with Bluejay Mining on battery metals quest
Mineral exploration company KoBold Metals, backed by
billionaires including Jeff Bezos and Bill Gates, has signed an agreement with
London-listed Bluejay Mining to search in Greenland for critical materials used
in electric vehicles.
In a statement on Monday, Bluejay Mining said that KoBold
metals has agreed to pay $15 million in exploration funding for the
Disko-Nuussuaq project on Greenland’s west coast in exchange for a 51 percent
stake in the project.
KoBold, a mining exploration startup based out of the San
Francisco Bay Area, uses artificial intelligence and machine learning to hunt
for raw materials, according to Reuters.
The company’s current suite of proprietary algorithms is
called Machine Prospector and uses geophysical data to map out underground
reserves. Its artificial Intelligence agent – called Intelligent Prospector,
helps KoBold in making decisions at the right time in developing a deposit from
a claim to a fully operational mine.
“KoBold’s approach to bringing the best minds in data
science, engineering, and geology to accelerate critical battery metals
fieldwork, data collection, and discoveries, is a cornerstone to a clean energy
future,” said Jef Caers, geological sciences professor at Stanford University.
KoBold CEO Kurt House has stated multiple times that he does
not intend to be a mine operator “ever,” reports Mining.com. Instead, the
company is focused on searching for battery metals, a quest that began in
Canada last year.
KoBold acquired rights to an area of about 1,000 square
kilometers (386 square miles) in northern Quebec, just south of Glencore’s
Raglan nickel mine.
KoBold aims to create a “Google Maps” of the Earth’s crust,
with a special focus on finding cobalt deposits. Currently, about 65 percent of
the world’s cobalt is mined in the Democratic Republic of Congo, much of it by
hand and allegedly using children.
BlueJay Mining is a United Kingdom-based company, which is
engaged in the exploration and development of precious and base metals. The
Company has several Greenland properties, including the Disko-Nuussuaq project
on Greenland’s west coast.
Bluejay Mining says that previous studies have found that
the area in western Greenland resembles the geology of Russia’s Norilsk region,
a main producer of nickel and palladium.
“This agreement is transformative for Bluejay,” Bluejay CEO
Bo Stensgaard said. “KoBold is an organization with the heft and technical
capability to grow this project to its full commercial potential,” Stensgaard
said.
KoBold has a slew of big backers, including big names such
as Venture capital firm Andreessen Horowitz and Breakthrough Energy Ventures.
The latter is financed by well-known billionaires including Michael Bloomberg,
Ray Dalio, Richard Branson, as well as Amazon founder Jeff Bezos and Microsoft
co-founder Bill Gates.
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