KoBold Metals, the mining startup backed by billionaires Bill Gates and Jeff Bezos, is making a significant move into the Democratic Republic of Congo (DRC) by reaching a framework deal to acquire AVZ Minerals’ stake in the Manono lithium project.
The deal aims to resolve a long-running ownership dispute and unlock one of the world’s largest hard rock lithium deposits, a key element in electric vehicle battery production.
Located in southeastern DRC, the Manono project has been at the center of legal challenges since the Congolese government revoked AVZ’s mining rights in 2023 and allocated part of the deposit to China’s Zijin Mining.
KoBold’s proposed deal outlines that AVZ would receive compensation for relinquishing its claims, allowing KoBold to develop the southern part of the deposit while Zijin would retain control of the northern section.
The company intends to invest $1 billion to develop the project, aiming to bring lithium to Western markets, it said. This move is in line with US efforts to secure critical mineral supplies and reduce dependence on Chinese-controlled sources.
Massad Boulos, US Senior Advisor for Africa, recently met with DRC President Félix Tshisekedi to discuss strengthening ties and increasing US investment in Congo’s mining sector.
In February, the DRC offered the US exclusive access to critical minerals and infrastructure projects in exchange for security assistance as the country faces a rebellion backed by neighboring Rwanda in its mineral-rich eastern region.
The Manono deposit, estimated to hold 669 million tonnes of lithium resources, is considered a major asset in the global shift toward clean energy.
KoBold, which uses artificial intelligence to locate untapped critical mineral deposits, operates around 60 active projects across four continents. In Africa, the company has focused on Zambia, where it made the country’s largest copper discovery in a century last year.
The acquisition would mark KoBold’s expansion into two of Africa’s largest copper producers.
Although KoBold and AVZ have not disclosed the financial terms of the deal, its completion depends on resolving legal disputes and obtaining regulatory approvals.
