%KoBold Metals, a U.S- based mining company that’s backed by billionaires such as Bill Gates and Jeff Bezos, has discovered a large %Copper deposit in Zambia, Africa.

The large-scale copper deposit is a rare discovery and comes as demand for the industrial metal rises due to its use in renewable energy projects and electric vehicles (EVs).

KoBold Metals has reported that its “Mingomba” copper project in Zambia will eventually become one of the world’s “biggest high-grade copper mines.”

Zambia is Africa’s second largest copper producer after the Democratic Republic of Congo.

KoBold Metals uses a unique process that involves %ArtificialIntelligence (A.I.) to map the Earth’s crust to help find new deposits of copper, lithium, cobalt, and nickel.

The Silicon Valley start-up’s early investors include U.S. venture capital firm Andreessen Horowitz, the world’s largest mining group BHP (NYSE: BHP), as well as individuals such as Gates, Bezos, Virgin Group’s Richard Branson, and Jack Ma from %Alibaba (NYSE: BABA).

KoBold Metals has said that it aims to start producing copper at its mine site in Zambia within 10 years.

The International Energy Agency (IEA) has warned that the current global supply of rare earth metals such as copper falls short of what’s needed to transform the energy sector.

Most rare earth reserves are in China, Brazil, and Russia, according to the IEA.

The price of copper has dipped 2% so far in 2024 and currently trades at $3.79 U.S. per pound.