Bill Gates and Jeff Bezos invest $537 million in Africa to mine rare metals

Over the past decade, Africa’s mineral reserves have attracted increasing attention from global powers. In December 2024, U.S. President Joe Biden made a strategic visit to Angola, signaling America’s renewed interest in Africa’s resources. This visit coincided with China’s growing influence in the region, as the country continues to solidify its position as a leader in the mining and battery industries.

China’s dominance in mining has been well-established, with major companies like CMOC acquiring key assets such as the Kisanfu copper-cobalt deposit in the Democratic Republic of Congo (DRC). However, as the U.S. begins to understand the urgency of diversifying its supply chain, Gates, Bezos, and other American investors are shifting their focus to untapped African resources.

In one of the most significant investments to date, KoBold Metals—backed by Bill Gates and Jeff Bezos—has raised $537 million to support copper exploration in Zambia. This investment is part of a broader strategy to develop a sustainable copper mine in Zambia by 2030. The company, valued at $2.96 billion, is positioning itself as a major player in the race to secure critical minerals for the energy transition.

Meanwhile, Lifezone Metals, listed on the New York Stock Exchange, is working on the Kabanga nickel project in Tanzania. With the backing of major U.S. funds like Cinctive and BlackRock, Lifezone aims to provide battery-grade nickel to the U.S. market by 2026. These projects underline a key strategy: securing access to essential resources while fostering economic ties with African nations.

Source: Glassalmanac