Midnight Sun Mining Corp. MDNGF

Our address has some deep pocketed neighbors moving

[Magnum2]

into the hood, I like it;)))

Billionaire-backed KoBold Metals to invest in Zambia copper mine

 

Reuters  Wednesday December 14, 2022 10:01

 

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(Updates with Zambian president quote)

JOHANNESBURG, Dec 14 (Reuters) - California-based exploration firm KoBold Metals, which uses artificial intelligence and machine learning to identify battery metal deposits, is investing $150 million to develop a copper mine in Zambia, the company announced at the U.S.-Africa Leaders Summit in Washington, D.C. KoBold's investors include Breakthrough Energy Ventures, a climate and technology fund founded by Microsoft's Bill Gates and backed by Amazon's Jeff Bezos and Virgin's Richard Branson.

The Mingomba project, a win for Zambia's president who has set an ambitious copper production target, is a joint venture with Australian private equity firm EMR Capital and Zambia's state-backed miner ZCCM-IH , with the potential to become "one of the world's top-tier mines", KoBold said. Mingomba contains 247 million tonnes of ore with an average grade of 3.64% copper, according to KoBold.

The deal comes as the United States is seeking to reduce its dependence on China by developing domestic electric vehicle battery manufacturing, and looks to Africa as an alternative source of battery metals. Zambian President Hakainde Hichilema wants to boost the country's copper production to 3 million tonnes a year by 2032, from around 850,000 tonnes currently. As Africa's second-largest producer of copper, Zambia is highly dependent on mining.

"Our message to the world is that Zambia is here, and is open for business," Hichilema said as he announced the deal at the summit.

"This investment today is not about KoBold, it's not about ZCCM, it's not about Zambia, it's about all of these, and the rest of the world, as we grapple with climate change." The deal, which will grant KoBold a majority stake in Mingomba, is set to close in the first quarter of 2023.

(Reporting by Helen Reid; Editing by Josie Kao and David Evans)

[Sherry35]

This is the best piece of news of heard since the Covid 19 in relation to our investment in MMA. Let's hope, with Simon's professional involvement, the the lads get it RIGHT this time. Merry Christmas from cranky pants.

[thankmelater]

HH plan to increase production from 850,000 tons to 3 million tons per year cannot happen without our address being involved.. The president has done an exceptional job attractimg new investment for the employment and wealth of all Zambians as well as MMA shareholders

[Sherry35]

Yes, the financing is over given the SP will fall to 15 cents or lower. So, who are these new investors especially the large order that crossed a couple days back? Inuendos don't work with me. Got any insider filings or ealry warning reports to back up these new investors? So, my 2023 plan has the frist milestone of a 3rd party approved resource report by March 2023. Until I see a plan in the

[Sherry35]

Please inform one of the officers I don't understand the concept of a weekend.

[Sherry35]

Tick tock ... March 2023 is coming soon. With the Zambia monsoons starting very soon, or now, this will give Simon and 3rd party company time to author a resource report for March 31, 2023. Now the legacy investors will have a sense of our wealth which is long over due. Merry Christmas to the longs that are not employed by MMA.