KoBold Metals, a U.S.-based exploration company backed by Bill Gates, has reached a preliminary agreement with Australia’s AVZ Minerals to acquire its interests in the Manono lithium deposit in the Democratic Republic of Congo (DRC).
The deal paves the way for the accelerated development of one of the world’s most significant lithium resources, with KoBold expected to invest over $1 billion to bring production online for Western markets.
The companies seek to finalise the transaction in the coming months, pending regulatory approvals.
AVZ has agreed to propose suspending its arbitration case against the DRC government at the International Centre for Settlement of Investment Disputes (ICSID) to facilitate negotiations.
The partners stressed that the project’s rapid and responsible development could contribute to regional stability while creating long-term, high-paying jobs for Congolese workers.
Manono is one of the largest untapped lithium deposits globally, critical for electric vehicle batteries and renewable energy storage.
KoBold’s involvement signals growing Western investment in African critical minerals to diversify supply chains away from dominant producers like China.
Mathew Nyaungwa, Editor-In-Chief, Rough & Polished
