US-based artificial intelligence exploration firm KoBold Metals has reportedly pledged a $150m investment to own, explore, and develop the Mingomba copper-cobalt mine in Zambia.
As part of the investment deal, KoBold agreed to pay $115m to the owners of the Lubambe Copper Mine, in which private-equity firm EMR Capital owns an 80% stake, reported The Wall Street Journal (WSJ).
In exchange, KoBold will receive a majority stake in the nearby Mingomba deposit, which is formerly known as the Lubambe Extension Project.
Furthermore, KoBold will invest $35m on exploration work at the Mingomba project, which is claimed to be the world’s highest-grade undeveloped large copper deposit.
Source: Mining Technology