The News
KoBold Metals, a mining startup backed by Bill Gates and Jeff Bezos, reached a preliminary agreement to buy into the Manono lithium deposit in DR Congo.
The agreement to acquire AVZ Mineral’s stake in the project in the southeast of the country would give KoBold access to one of the world’s largest deposits of hard rock lithium, a crucial component in batteries used in electric vehicles and renewable energy sources. KoBold said it would deploy more than $1 billion to bring Manono lithium to Western markets.
The agreement ties in with the White House’s push to secure critical mineral supplies to reduce its reliance on China’s stockpile. Washington’s top Africa envoy last month laid the groundwork for a minerals deal in DR Congo.
But any deal between Washington and Kinshasa would depend on the US helping to negotiate peace in the African country’s eastern region where a longstanding conflict has killed around 3,000 people since escalating in January.