[KoBold, Backed by Gates and Bezos, to Acquire Stake in Congo Lithium Project]
KoBold Metals, a mining startup backed by Bill Gates and Jeff Bezos, is expanding its footprint in the Democratic Republic of the Congo (DRC) after reaching a framework agreement with AVZ Minerals to acquire its stake in the Manono lithium mine.
The agreement aims to resolve a long-standing ownership dispute and develop one of the world's largest hard-rock lithium deposits, a key component in EV batteries.
The Manono project, located in southeastern DRC, has been mired in legal disputes since 2023, when the Congolese government revoked AVZ's mining rights and subsequently awarded a portion of the deposit to China's Zijin Mining.
KoBold's proposed acquisition includes a framework for AVZ to receive appropriate compensation for relinquishing its interests, enabling KoBold to develop the southern part of the deposit while Zijin Mining retains control of the northern region.
The company said the deal would allow KoBold to invest $1 billion in developing the project and bring its lithium resources to Western markets.
This strategic move aligns with the US government's efforts to secure critical mineral supplies and reduce reliance on mineral sources controlled by China.
US Senior Advisor for Africa Judd Devermont recently met with DRC President Félix Tshisekedi to discuss strengthening bilateral relations and promoting US investment in the country's mining sector.
In February this year, the DRC offered the US exclusive access to critical minerals and infrastructure projects in exchange for security assistance, as its eastern region faces insurgencies backed by neighboring Rwanda.
The Manono deposit is estimated to hold 669 million mt of lithium resources, making it a crucial asset in the global transition to clean energy.
The acquisition, pending the signing of a final agreement and regulatory approvals, is expected to expedite the development of this critical resource while also benefiting the economic interests of the US and the DRC.
KoBold, which focuses on using artificial intelligence to identify undeveloped critical mineral deposits, has approximately 60 active projects across four continents. In Africa, its primary focus is on Zambia, where the company discovered the largest copper deposit in a century last year.
Entering the DRC means the company will have operations in two of Africa's largest copper-producing countries.
Neither KoBold nor AVZ has disclosed the financial terms of the agreement.The completion of the deal depends on resolving ongoing legal disputes and obtaining necessary approvals from relevant authorities.
Source: mining.com
【BYD and Tsingshan Holding Abandon Plans to Build Lithium Plant in Chile】
According to a report by local newspaper Diario Financiero on Wednesday, Chinese automaker BYD and metals giant Tsingshan Holding have abandoned plans to build a lithium processing plant in Chile.
BYD has submitted a withdrawal notice to the Ministry of National Assets. Tsingshan Holding informed Corfo, Chile's Economic Development Agency, through its subsidiary Yongqing Technology that it would no longer proceed with its lithium battery project. Corfo confirmed the withdrawal and noted that Tsingshan Holding had not yet been officially registered in Chile.
In 2023, Corfo had selected these two companies as strategic investors to develop value-added lithium products, such as cathode materials and batteries. The agreement included obtaining lithium carbonate at preferential prices and with guaranteed supply from SQM (Chile's state-owned partner and the world's second-largest lithium producer) until 2030. In exchange, the two companies committed to investing a total of US$523 million in Chile and creating nearly 1,200 jobs.
The collapse in lithium prices, global market instability, and delays in bureaucratic procedures derailed both projects before the contracts could be finalized.
BYD was the first to raise concerns. Diario Financiero reported that a year ago, the company had pointed out delays in acquiring land for its US$290 million cathode material plant project in Antofagasta, which was originally planned to produce 50,000 mt of lithium iron phosphate (LFP) annually. The plant was intended to produce cathodes, the most expensive component in EV battery cells. Corfo acknowledged the company's concerns and stated that BYD had requested further information to reassess its plans.
BYD, known for producing affordable EVs and having in-house manufacturing capabilities, had originally planned to anchor its LFP cathode material production in northern Chile. Tsingshan Holding, as one of China's largest privately-owned conglomerates, had originally planned to invest US$233 million to build a battery plant in Mejillones, north of Antofagasta. Both projects have now been officially shelved.
Chile's current lithium strategy, launched by President Gabriel Boric in 2023, requires companies like Albemarle (NYSE: ALB) and SQM (NYSE: SQM) to allocate a portion of their production at preferential prices to companies willing to invest in local lithium-based technologies.
Despite the setback of BYD and Tsingshan Holding's withdrawal, Chile remains a core player in the global lithium market, with production second only to Australia.
Source: mining.com
[Lake Resources Initiates Strategic Review of Argentine Lithium Project]
Australia's Lake Resources announced on Wednesday that it has initiated a strategic review of its flagship Kachi lithium project in Argentina, stating that despite the surge in long-term demand for battery metals, the project's assets remain significantly undervalued.
The review aims to explore various options, including selling a stake in the project and the potential sale or merger of the lithium developer.
According to the company, the Kachi lithium brine project is the largest independent project in the "Lithium Triangle" region of South America, with total resources exceeding 10.6 million tonnes of lithium carbonate equivalent (LCE).
Lake Resources stated that the decision to explore strategic alternatives is also supported by recent cases where companies with lithium projects in Argentina have received proposals that far exceed their current market capitalizations.
Source: mining.com
[Peloton Minerals Obtains Drilling Permits for North Elko Lithium Project in Nevada]
On May 6, 2025, Peloton has obtained two drilling permits from the US Bureau of Land Management (BLM) within the boundaries of the North Elko Lithium Project (NELP) in northeastern Nevada, covering 442 mining claims, 37 square kilometers, or 14.25 square miles.
Under these permits, a total of 24 drill pads have been approved, with the possibility of adding more drill pads with BLM approval. One drilling permit covers the eastern region of NELP, and the second permit covers the central and western regions. The maximum disturbance area for each drilling permit is limited to 5 acres (totaling 10 acres). According to the BLM's calculation formula, the total disturbance area for the current drilling plan and drill pads between the two permits is 5.12 acres.
In early 2023, the relevant mineral exploration company announced the discovery of significant clay lithium resources in an area adjacent to the NELP mining claims it has held since 2018. Since the discovery, the company has reported an inferred resource of 11.24 million tonnes of LCE, with a grade of 3,010 ppm Li, considered the highest-grade lithium clay resource in North America. NELP is currently in the drilling phase, following surface exploration work conducted by Peloton, including airborne hyperspectral imaging, soil geochemical surveys across the entire mining area, geological mapping, prospecting and sampling, X-ray diffraction analysis of over 500 surface samples, and tTEM surface geophysical surveys. The results of each phase are summarized below:
- Hyperspectral imaging data shows that lithium-bearing clay layers frequently outcrop at the surface across almost the entire mining area.
- Soil geochemical analysis indicates elevated lithium anomalies (up to 18 times the background value), covering an area exceeding 25 square kilometers or 9.65 square miles.
- Geological mapping indicates that NELP is located in an alkaline paleolake environment within a tectonic depression bounded by north-dipping normal faults.
- X-ray diffraction analysis reveals that NELP is situated within layered alkaline lake sediments and pyroclastic rocks. The mineralogical characteristics of the layered volcanic rocks are consistent with magma that could be a source of lithium.
- tTEM surface geophysical data show a clay-rich horizon beneath almost the entire {{ore}} property.
Source: junior mining network
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