US company KoBold plans $1bn investment in Manono lithium mine in DRC

With 842 million tonnes of resources at a lithium content of 1.61%, Manono is the largest lithium deposit in the DRC.

While the asset has been the subject of litigation for years, slowing down its development, the arrival of new investors may change all that.

On the evening of Wednesday May 7th, KoBold Metals published a framework agreement to acquire Australian AVZ Minerals’ stake in the Manono lithium deposit in the DRC. The American company, backed by billionaires Jeff Bezos and Bill Gates, plans to invest over $1 billion to “bring Manono’s lithium to Western markets”.

Few details were revealed in the press release dated May 6 and signed by Kurt House and Nigel Ferguson, CEOs of KoBold and AVZ respectively. But according to information relayed in March by Agence Ecofin, AVZ would receive compensation for abandoning its claims on Manono, in favor of the American company. The latter would then develop the southern part of the deposit, while the northern section would remain under the control of China’s Zijin Mining.

source: agence ecofin