Midnight Sun announces collaboration with Bill Gates backed KoBold Metals to explore Dumbwa Target
Vancouver, Canada
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March 18, 2024 02:23 PM Eastern Daylight Time
Midnight Sun Mining Corp Director of Marketing and Communications Adrian O’Brien joined Steve Darling from Proactive to share significant news with Proactive, announcing the signing of an earn-in agreement with KoBold Metals, facilitated through their respective Zambian subsidiaries, to explore the Dumbwa Target on Midnight Sun's Solwezi Project in Zambia.
O’Brien explained that KoBold Metals, a US-based battery metal exploration and mining company, backed by notable technology investors including Breakthrough Energy Ventures (initiated by Bill Gates) and Silicon Valley venture capital firm Andreessen Horowitz, will have the opportunity to earn a 75% interest in Dumbwa by investing USD$15 million in exploration expenditures.
The Dumbwa exploration target holds strategic importance, situated in the heart of the Zambia-Congo Copperbelt, and is one of four key prospects within Midnight Sun's 506-kilometer Solwezi Project. While KoBold Metals focuses on exploring Dumbwa, Midnight Sun plans to continue exploration on its other licenses, as well as the portions of the license where Dumbwa is located, not subject to the earn-in agreement.
This partnership with KoBold Metals marks a significant step forward for Midnight Sun Mining Corp, demonstrating its commitment to strategic collaborations and furthering exploration efforts in the highly prospective Solwezi Project.
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Proactive North America
Proactive North America
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