Critical minerals needed for electric vehicles are in high demand and world renowned billionaires are now funding an exploration project in Greenland.
Mineral exploration company KoBold Metals, backed by Bill Gates, Jeff Bezos, Michael Bloomberg, and Ray Dalio, has signed a joint venture with British mining firm BlueJay in search for nickel, copper, cobalt, and platinum.
As per BlueJay’s statement, Kobold will invest $15 million in theDisko-Nuussuaq project on Greenland’s west coast in exchange for a 51% stake in the project.
Disko-Nuussuaq covers a 2,776 km² magmatic massive sulphide area, expected to be rich in nickel, copper, platinum, and cobalt.
Calling all Scaleup founders! Join the Soonicorn Summit on November 28 in Amsterdam.
Meet with the leaders of Picnic, Miro, Carbon Equity and more during this exclusive event dedicated to Scaleup Founders!
In fact, based on BlueJay’s studies,it has the potential to host mineralization similar to the world’s largest nickel/copper sulphide mine, Norilsk-Talnakh in Siberia, Russia.
Kobold’s funding will be implemented in a two-stage earn-in commitment:
BlueJaywill maintain its 49% shareholding by funding its pro-rata commitment after Stage II.
“This agreement is transformative for Bluejay,” said the comany’s CEO Bo Steensgaard. “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.”
Indeed, BlueJay, which is worth $91 million, is a relatively small player compared toother companies with licenses in Greenland, such as Anglo American.
Sincethe announcement, however, the company’s stock hastraded 26% higher.
HT –Reuters,This is Money
Do EVs excite your electrons? Do ebikes get your wheels spinning? Do self-driving cars get you all charged up?
Then you need the weekly SHIFT newsletter in your life.Click here to sign up.
Story byIoanna Lykiardopoulou
Ioanna is a writer at TNW. She covers the full spectrum of the European tech ecosystem, with a particular interest in startups, sustainabili(show all)Ioanna is a writer at TNW. She covers the full spectrum of the European tech ecosystem, with a particular interest in startups, sustainability, green tech, AI, and EU policy. With a background in the humanities, she has a soft spot for social impact-enabling technologies.
Get the TNW newsletter
Get the most important tech news in your inbox each week.
