Bill Gates-backed KoBold Metals is considering mining operations in the Congo to secure resources for green energy despite concerns over local exploitation and child labor.
Bill Gates is reportedly backing a mining startup that is getting close to 'investing' in the Democratic Republic of Congo - which is, of course, a nice way to say, likely mining there. The company, KoBold Metals, already is developing a copper project in Zambia, Bloomberg reported this week. Chief executive officer Kurt House said the company had already bid for one asset but didn't close a deal.
The company, headquartered in the San Francisco Bay Area, seeks Congo operations in line with President Biden's administration's focus on enhancing American stakes in the electric-vehicle value chain. With financial support from entities like Gates's Breakthrough Energy Ventures and market leader BHP Ltd., the firm also boasts investment from Michael Bloomberg. But recall, we have written in the past about the horrors of mining that takes place in the Congo.
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