KoBold Makes Offer for Congo Lithium as Country Courts US, page-1038

https://thewest.com.au/business/min...ionaires-jeff-bezos-and-bill-gates-c-18621479


AVZ Minerals strikes Manono sale agreement with U.S explorer backed by billionaires Jeff Bezos and Bill Gates
Adrian RausoThe West Australian
Thu, 8 May 2025 8:47AM
Adrian Rauso


AVZ was developing Manono but in 2023 the DRC’s government controversially revoked and split the licence. Credit: AVZ Minerals/TheWest

Stranded shareholders of AVZ Minerals have been thrown a lifeline after the delisted West Perth outfit inked a sale deal for its Congolese lithium project before Chinese interests could seize control.

AVZ has signed an agreement to transfer its rights in the Manono lithium project in the Democratic Republic of Congo for an undisclosed sum to California’s KoBold Metals, which counts the uber-rich Jeff Bezos and Bill Gates as investors.

KoBold notably uses artificial intelligence to hunt commodities like lithium and copper, with more than 70 projects across the world.

The deal comes as Donald Trump looks to make a minerals-pact with the DRC despite China having a foothold in the impoverished nation’s untapped mineral wealth, setting the stage for a standoff between the world’s two superpowers.

The DRC needs the military muscle of the US or China to stave off a rebel assault funded by neighbour Rwanda.

A signed statement by AVZ chief executive Nigel Ferguson and his KoBold counterpart Kurt House said the two companies were working with the US and DRC government to get the deal wrapped up.

The DRC’s rulers have reportedly already given their thumbs up to the deal.

“This framework entails AVZ selling its commercial interest in the Manono lithium deposit to KoBold for fair value,” the statement read.

“The agreement will enable KoBold to rapidly deploy more than $US1 billion ($1.55b) to bring the Manono lithium to Western markets.”

AVZ was developing Manono— touted as “the biggest lithium discovery on the planet” — but in 2023 the DRC’s government controversially revoked and split the licence, giving China’s Zijin Mining the northern portion.

Zijin looked likely to strike a deal with the DRC government and annex AVZ’s portion of Manono.


The deal comes as Donald Trump looks to make a minerals-pact with the DRC despite China having a foothold in the impoverished nation’s untapped mineral wealth, setting the stage for a standoff between the world’s two superpowers.

The DRC needs the military muscle of the US or China to stave off a rebel assault funded by neighbour Rwanda.

A signed statement by AVZ chief executive Nigel Ferguson and his KoBold counterpart Kurt House said the two companies were working with the US and DRC government to get the deal wrapped up.

The DRC’s rulers have reportedly already given their thumbs up to the deal.

“This framework entails AVZ selling its commercial interest in the Manono lithium deposit to KoBold for fair value,” the statement read.

“The agreement will enable KoBold to rapidly deploy more than $US1 billion ($1.55b) to bring the Manono lithium to Western markets.”

AVZ was developing Manono— touted as “the biggest lithium discovery on the planet” — but in 2023 the DRC’s government controversially revoked and split the licence, giving China’s Zijin Mining the northern portion.

Zijin looked likely to strike a deal with the DRC government and annex AVZ’s portion of Manono.