Billionaire-backed KoBold, Midnight Sun team up for Zambia copper discovery

The investment will fund further drilling, studies, and test work at the Arthrath project in Scotland.

The project is currently being developed as an earn-in joint venture signed with Newmont in July 2022.

The lithium developer announced a new spodumene-pegmatite occurrence.

A new PEA gave the project a post-tax net present value of $257 million and an internal rate of return of 22.3%.

The US is 100% dependent on imported gallium, which is critical for national defense, primarily from China, which curbed exports last year.

Last year, Barrick said it intended to search for additional copper deposits in Zambia and the DRC as part of its efforts to expand its presence in the African copper belt.

The discovery in the emerging Sore area returned significant intercepts such as 26.45 grams gold per tonne over 2.5 metres.

The company calls this project one of the world’s largest undeveloped copper projects.

Samples from the Denise, Gratien, Grey Cat, and Team gold zones were tested by gravity, flotation and leaching.