KoBold signs Congo deal to boost US mineral supply

The Democratic Republic of Congo has struck a preliminary mineral exploration agreement with US‑based Kobold Metals, deepening American involvement in its critical minerals sector.

The deal opens the door to US investment in what is a major global supplier of cobalt and copper. The African nation also holds substantial reserves of lithium, tin and tungsten.

Kobold, backed by investors including Bill Gates and Jeff Bezos, agreed “in principle” to apply for exploration permits and digitize Congo’s geological data, according to a presidential announcement.

The deal signed in Kinshasa with President Félix Tshisekedi marks a strategic push for US to gain access to critical minerals such as cobalt, copper and lithium. It aligns with a broader US‑Congo initiative aimed at reducing China’s dominance in the minerals’ supply chain.

Kobold plans to deploy its AI‑powered exploration tools and begin a lithium project in the mining town of Manono, in the southeastern province of Tanganyika. The company said it will fund digital geological mapping, hire local staff and support infrastructure investments in host communities.

The exploration agreement complements Kobold’s earlier progress, including a $1 billion framework to acquire part of the Manono lithium deposit from Australia’s AVZ Minerals — a move supported by the US government. However, the final outcome remains contingent on resolving ongoing legal disputes and securing necessary permits.

(With files from Bloomberg)