The CEO of Kobold Metals said earlier this year that the business had found what might be one of the biggest high-grade copper deposits ever
The deposit could produce hundreds of thousands of metric tons of copper annually.
After only eight months, Kobold is almost halfway to raising more than $500 million. The money should help the company find ways to use its huge copper supply and move forward with its many other exploration projects.
A Security and Exchange Commission report shows that the mineral discovery startup has already raised $491 million of the $527 million it wants to raise. PitchBook says that the company was worth $1 billion after the money from its last round of $195 million. Reports say the startup wants to be worth $2 billion in this round.
The business did not answer questions right away.
The Kobold project uses AI to sort through vast amounts of data in search of mineral deposits that can help the energy shift move forward. The business also looks for lithium, nickel, cobalt, and copper.
At first, the company was only interested in finding. Throughout history, looking for rocks has been a very dangerous activity. As a general rule, around three out of every 1,000 times you try to find a deposit will work. Kobold said that AI could sort through data and find patterns that would help them win more often.
With the huge discovery of copper in Zambia, Kobold seems to have kept its promise initially. The company is also working on about 60 other research projects. In a change of strategy, Kobold has said it wants to develop the Zambia resource itself, which is said to cost about $2.3 billion.
Some people who have invested in Kobold are:
