Story at a glance
- KoBold Metals, a mineral exploration company backed by Bill Gates, Jeff Bezos, Michael Bloomberg and Ray Dalio, has entered into a joint venture with London-based mining firm Bluejay.
- The project is aimed at finding nickel, copper, cobalt and platinum in Greenland.
- KoBold uses artificial intelligence and machine learning to locate new ore deposits.
A group of prominent billionaires is funding an exploration project in Greenland in search of critical raw materials needed for electric vehicles.
KoBold Metals, a mineral exploration company backed by Bill Gates, Jeff Bezos, Michael Bloomberg and Ray Dalio, has entered into a joint venture with London-based mining firm Bluejay to search for nickel, copper, cobalt and platinum on the world’s largest island.
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KoBold uses artificial intelligence and machine learning to decide where to purchase land, what type of field data to collect and where to drill to find new ore deposits.
The companies announced Monday KoBold will spend $15 million through 2024 to help Bluejay locate natural resources as part of its Disko-Nuussuaq project in Central West Greenland. KoBold will put up the funds in exchange for a 51 percent stake in the project.
Bluejay says studies have shown the region has geological similarities to Russia’s Norilsk region, a large producer of nickel and palladium.
“The Disko region has seen the rare convergence of events in earth’s history that could have resulted in forming world-class battery metal deposit,” Kurt House, CEO of KoBold, said in a news release.
“We are excited to invest in Greenland’s emerging mineral sector and to partner with Bluejay in light of their strong track record in Greenland and the outstanding potential of the Disko project,” House said.
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