In a fight to search for cobalt and other important metals have invested, among others, Bill Gates, founder of Microsoft, Jeff Bezos, founder of Amazon.
In a start-up called Kobold Metals, have invested through a joint fund in search of cobalt, Microsoft founder Bill Gates and Jeff Bezos, founder of Amazon and richest man in the world. Also involved are Ray Dalio, founder of the world’s largest hedge fund, and Michael Bloomberg, a businessman and former mayor of New York.
The company intends in an innovative method to look in addition to cobalt and other metals for the development of electric car batteries. Kobold Metals also owns shares in the Swedish oil sector giant Equinor and the investment fund company Andreessen Horowitz. The company has not reveal the amount of funds it has and has simply stated that it has funds raised over the last four years.
The start-up plans to examine an area of 1,000 square kilometers in Canada, roughly the size of New York, according to its managing director, Kurt House. This area is close to nickel mines at Glencore, the world’s largest raw material trading company. However, Kobold has already bought several land in North America and plans to build at least ten of them by the end of the year.
Utilizing data analytics technologies, the company hopes to create a tool equivalent to Google’s map app, but for the earth’s crust, as Connie Chan, a senior executive at Andreessen Horowitz, pointed out, according to Bloomberg. The start-up predicts that the region has useful metals for the development of electric cars.
Read also :
- Electric cars: Tripling of cobalt expected over a decade
- Demand for lithium batteries rises according to VW
- Cobalt and lithium stocks at a critical level in 2050
Exploring this spot in Canada is an experiment that, if successful, will prove, according to the CEO of Kobold Metals, the value of the company’s approach. Moreover, as House pointed out earlier in the year, traditional mining companies are not focused on the search for cobalt. According to him, no one is particularly interested in the search for cobalt.
Also according to House, the company will likely begin collecting soil data within the next three to six months. He also stressed that drilling would begin in about two years. It is quite possible that this area, which is very close to Glencore’s mines, has untapped reserves of cobalt, nickel and platinum. It is worth noting that at the moment, more than two thirds of the world’s cobalt production comes from Congo.