DR Congo: KoBold, the mining start-up backed by Bezos, sets its sights on Manono lithium

KoBold Metals, a US mining start-up funded by icons such as Bill Gates and Jeff Bezos, has announced that it has signed a preliminary agreement to acquire Australian company AVZ Minerals' interest in the Manono lithium deposit, located in the south-east of the Democratic Republic of Congo (DRC). The project, considered to be one of the world's largest hard rock lithium deposits, represents a strategic opportunity to secure a key component of batteries for electric vehicles and renewable energies.

KoBold Metals, renowned for its use of artificial intelligence in mining exploration, has revealed plans to invest more than $1 billion to develop the Manono deposit and integrate its lithium production into Western supply chains. This initiative comes against a geopolitical backdrop in which the United States is seeking to reduce its dependence on Chinese supplies of critical minerals that are essential to the global energy transition. According to recent estimates, the Manono deposit contains around 669 million tonnes of resources with a lithium content of 1.61%, making it a major asset for the battery industry.

The agreement, signed on 6 May 2025 between KoBold Metals CEO Kurt House and AVZ Minerals CEO Nigel Ferguson, aims to resolve a legal dispute that has hampered development of the project since 2023, when the Congolese government revoked AVZ Minerals' mining rights, awarding part of the deposit to Chinese company Zijin Mining. Under the proposed framework, AVZ Minerals will receive fair compensation for ceding its interest, allowing KoBold to develop the southern part of the deposit, while Zijin will retain control of the northern part.

The acquisition comes as Washington and Kinshasa explore a strategic partnership around critical minerals. Last month, Massad Boulos, US President Donald Trump's senior adviser on Africa, met with Congolese President Félix Tshisekedi to discuss a potential "minerals for security" agreement. The framework aims to boost US investment in the Congolese mining sector while supporting the DRC in its efforts to stabilise its eastern region, where a conflict involving rebel groups, notably the Rwanda-backed M23, has claimed around 3,000 lives since January 2025.

US Secretary of State Marco Rubio emphasised the importance of this agreement for the security of critical minerals supply chains, stating on 25 April 2025: "Sustainable peace in the eastern Democratic Republic of Congo will pave the way for increased investment by US and Western citizens, creating an ecosystem conducive to responsible and reliable supply chains."

Despite the optimism surrounding the agreement, obstacles remain. The Manono project remains subject to regulatory approvals and the resolution of ongoing disputes, including an international arbitration initiated by AVZ Minerals against the Congolese government. AVZ has offered to temporarily suspend these proceedings to facilitate negotiations, but no official response from the Congolese authorities has yet been received.

International competition is also intensifying. In addition to Zijin Mining, which plans to start producing lithium in the northern part of the deposit in the first quarter of 2026, Anglo-Australian mining giant Rio Tinto has also shown an interest in Manono, increasing the pressure on Kinshasa to clarify the investment conditions.

KoBold Metals, which manages some 60 exploration projects on four continents, sees the DRC as a key player in meeting global demand for critical minerals. The company, which has already made its mark with the discovery of a major copper deposit in Zambia in 2024, is banking on its artificial intelligence technology to optimise mining at Manono.

For the DRC, the project promises significant economic benefits, with the creation of thousands of well-paid jobs over several decades, according to a joint press release from KoBold and AVZ. Entitled "Développer Manono pour la paix et la prospérité" ("Developing Manono for peace and prosperity"), the press release puts forward a vision of sustainable development and international cooperation.

In conclusion, KoBold Metals' entry into the Manono project marks a crucial step in the global race for strategic minerals. However, the success of this venture will depend on the ability of the stakeholders to overcome the legal challenges and bring lasting peace to the eastern DRC, a sine qua non for unlocking the full potential of this exceptional deposit.