Billionaire-backed KoBold Metals teams up for joint venture with mining firm Bluejay
KoBold investors include Bill Gates, Jeff Bezos, Mike Bloomberg and Ray Dalio
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KoBold Metals, a mineral exploration company backed by billionaire investors including Microsoft co-founder Bill Gates, former Amazon CEO Jeff Bezos, former New York City mayor Mike Bloomberg and Bridgewater Associates CEO Ray Dalio, has entered into a joint venture with London-listed mining firm Bluejay.
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Other KoBold investors include venture capital fund Andreessen Horowitz and Norwegian state-controlled energy company Equinor.
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KoBold, which uses artificial intelligence to find critical materials for electric vehicles, will spend a total of $15 million by 2024 to help Bluejay search for natural resources including nickel, copper, cobalt, and platinum as part of its Disko-Nuussuaq project located in Central West Greenland.
FILE PHOTO: Areas of Greenland are seen from an aerial helicopter tour near Kangerlussuaq, Greenland, May 20, 2021. Saul Loeb/Pool via REUTERS
Previous studies and work conducted by Bluejay have found Disko-Nuussuaq has similarities to the geology of Russia's Norilsk region, a main producer of nickel and palladium.
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Bluejay CEO Bo Steensgaard called the joint venture "transformative".
"We are delighted to have a partner at the pinnacle of technical innovation for new exploration methods, backed by some of the most successful investors in the world," Steensgaard said in a statement. "After many conversations with many groups from all over the world we are pleased to enter into partnership with a group that shares our position on fairness and providing a transparent long-term outcome for shareholders as well as being a credible and reliable partner that shares our commitment to environmental sustainability."
"The Disko-Nuussuaq Property is centred in a region of extensive contaminated and metal-depleted volcanic centres where there is clear evidence for the equilibration of flood basalt magma with crustal sulfur with potential for the concentration of magmatic sulphides in shallow sub-volcanic intrusions," KoBold's technical lead of magmatic systems, Dr. Peter Lightfoot added. "The rich inventory of government and exploration data provides an excellent starting point for KoBold to utilize proprietary technology to support exploration."
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KoBold will maintain a 51% stake in the Disko project, while BlueJay can maintain a 49% interest through proportionate funding. Bluejay will manage the Disko project's field operations until 2024.