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(Ecofin Agency) – Billionaires like Bill Gates and Jeff Bezos, along with fund managers Cinctive and BlackRock, are increasing their investments in Africa’s mining sector. They are backing Washington’s push for critical minerals.
KoBold Metals recently raised $537 million to explore copper in Zambia. This funding, supported by tech moguls and billionaires Bill Gates and Jeff Bezos, highlights the growing interest of American investors in African mining.
KoBold Metals, a US firm valued at $2.96 billion is among them. It aims to establish a copper mine in Zambia by 2030. Other American firms making moves in Africa include Lifezone Metals, which trades on the New York Stock Exchange, backed by Cinctive and BlackRock, among others. Lifezone leads the Kabanga nickel project in Tanzania, a project set to deliver battery-grade nickel to the U.S. by 2026.
KoBold Metals raised a $537m Series C round to expand AI-powered critical mineral exploration worldwide ? https://t.co/D4e7B5c45k
— KoBold Metals (@KoBold_Metals) January 2, 2025
The renewed focus on critical metals drives American investment, spurred by government support. In the 2010s, the U.S. pulled back from African mining, ceding ground to China, notably seen when Freeport-McMoRan sold its Kisanfu copper-cobalt project in the DRC to CMOC (formerly known as China Molybdenum).
In line with the US’ ambition to depend less on China for essential minerals for digital and energy transitions, the American government and investors started supporting more mining projects in Africa. This includes support for the Lobito Corridor to facilitate copper exports from the DRC and funding for graphite projects in Uganda and Mozambique.
? Our Kabanga Nickel Project is a planned mine-to-metal operation with $400M+ invested & 2.62% M&I nickel equivalent grade.
We believe this is one of the world’s largest, highest-grade nickel sulfide deposits. More details: https://t.co/cg8LnIkSvB$LZM pic.twitter.com/nsC5gVLdmz
— LifezoneMetals (@LifezoneMetals) January 2, 2025
However, American efforts are concentrated in areas where China’s influence is already strong, with many critical mineral deposits controlled by Chinese firms or tied to trade agreements with China. The US focuses on new projects that could take years to develop while African nations increasingly seek to enhance local mineral processing capabilities.
Emiliano Tossou
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