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KoBold Metals expands Zambia footprint with Midnight Sun deal

20th February, 2024
KoBold Metals, backed by a coalition of billionaires including Bill Gates and Jeff Bezos, is expanding its footprint in Zambia after inking a deal with Midnight Sun Mining (TSX-V: MMA) to jointly explore the Dumbwa target on the Canadian miner’s Solwezi copper project.
The US-based startup aims to earn a 75% interest in the Dumbwa portion of Solwezi by spending $15 million in exploration and making cash payments totalling $500,000 over four and a half years.
“We look forward to KoBold applying their groundbreaking exploration approach to the Dumbwa Target and moving this important Zambian copper asset toward development together, which we view as perfectly timed to coincide with an upcoming phase of unprecedented global copper demand,” Midnight Sun chief executive Al Fabbro said in the statement.
KoBold Metals Africa CEO Mfikeyi Makayi said the Dumbwa target hosted “intriguing” copper-in-soil anomalies and a structural setting comparable to other major deposits in the region.

World Bank approves US$125 million grant for Zambia

3rd January, 2024

The World Bank Executive Board has completed a review of Zambia’s Second Macroeconomic Stability, Growth and Competitiveness Development Policy Financing under the Development Policy Operation 2 (DPO 2) Financing. The review will result in the immediate disbursement of approximately US$125 Million on grant terms

The approval of the 2nd review of Zambia’s Extended Credit Facility (ECF) and the subsequent disbursement of US$187 Million by the IMF (IMF Africa), opened the way for the World Bank to proceed with its decision at the sitting of the Executive Board at its headquarters in Washington DC, USA.