Backed by Gates and Bezos, KoBold Scoops Up AVZ’s Stake in Manono Lithium Mine in DRC

On 7 May 2025, US firm KoBold Metals announced that it has struck a framework with AVZ Minerals to secure interests in the Manono lithium deposit in the Democratic Republic of Congo (DRC). Furthermore, KoBold plans to invest USD one billion to develop the mine with the financing backing of Bill Gates and Jeff Bezos.

In April 2025, the US President Trump/s Senior Advisor Africa, Massad Boulos, declared that the US is in talks to ‘invest billions in mineral-rich DRC.’ Currently, there is a race for #CriticalMinerals vital for the #EnergyTransition and this move is meant to make a dent into the quasi-monopoly of China on the global Li-ion battery market.

The reserves at the Manono are estimated at 669 million tonnes of lithium, making it it one of the largest lithium resource in the world.

The framework agreement aims to end a protracted ownership dispute. In 2023, the Government of DRC revoked AVZ’s mining license and awarded portion to China’s Zijin Mining (SSE: 601899). Based on the new framework agreement, Zijin would get the northern section of Manono, while KoBold would keep the southern section and receive compensation for relinquishing its claims.

At the same time, the US is mediating a peach deal between DRC and Rwanda to end military action by the M23 rebel group along the border between the two African neighbors. The US and EU are also investing in the #LobitoCorridor to facilitate the export of #CriticalMinerals via the Lobito seaport on the Atlantic Ocean.

KoBold is one of the few mining startups in Silicon Valley that specializes in the application of #AI to evaluate mineral deposits. Currently, it is exploring 60 sites across four continents. Other than the lithium mine in DRC, KoBold made a discovery of the largest copper deposit in Zambia last year.