US firm backed by Jeff Bezos & Bill Gates making major investment in DRC mining sector
KoBold Metals uses artificial intelligence to locate copper, cobalt, nickel, and lithium deposits.
Generic archive mining image. Wikimedia Commons/Derbrauni
The Money Show's Stephen Grootes is joined by Africa specialist Rutendo Hwindingwi (Tribe Africa Advisory) with the latest business news from the continent.
The Democratic Republic of Congo (DRC) has signed a framework agreement with a US mining firm backed by billionaires Jeff Bezos and Bill Gates to explore critical mineral resources across the country.
KoBold Metals uses artificial intelligence to locate copper, cobalt, nickel, and lithium deposits underground.
It plans to invest more than one billion dollars in the DRC's mining sector, starting off with the Manono lithium deposit which contains one of the largest lithium reserves in the world.
As the Financial Times reports, Kobold is betting that the country will be crucial to US efforts to secure minerals for the energy transition.
KoBold Metals and the Democratic Republic of the Congo have signed a broad agreement for the company to lead a wave of American investment in the country under the investment and security framework being advanced by @Presidence_RDC and @POTUS pic.twitter.com/209KqToAeM
— KoBold Metals (@KoBold_Metals) July 18, 2025
The agreement follows President Donald Trump's brokering of a deal to stop fighting in mineral-rich eastern Congo in return for Western investments.
As Africa business specialist Rutendo Hwindingwi puts it, the reason why Gates and Bezos are involved is because 'this is where the cash is'.
"Obviously these are big tech billionaires, and KoBold uses AI in advanced technology to locate mineral deposits."
Rutendo Hwindingwi, Founding Director - Tribe Africa Advisory
"There is method to this apparent 'madness' because it's opened up a path for the billionaires to team up and capitalise on this opportunity with their company, looking for investment returns for the US."
Rutendo Hwindingwi, Founding Director - Tribe Africa Advisory
Scroll up to the audio player to listen to the Africa Business Focus (mining deal discussion at 2:16)