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Billionaire-backed mining business to look for electric car metals in Greenland

COPENHAGEN, Aug 9 (Reuters) – Mineral exploration organization KoBold Metals, backed by billionaires like Jeff Bezos and Monthly bill Gates, has signed an settlement with London-listed Bluejay Mining (JAY.L) to search in Greenland for essential components employed in electric automobiles.

KoBold, which takes advantage of synthetic intelligence and equipment understanding to hunt for raw resources, will spend $15 million in exploration funding for the Disko-Nuussuaq venture on Greenland’s west coast in exchange for a 51% stake in the undertaking, Bluejay said in a assertion.

Shares in BlueJay traded 26% greater on the news.

The license retains metals these types of as nickel, copper, cobalt and platinum and the funding will go over analysis and original drilling.

KoBold is a privately-held business whose principal investors contain Breakthrough Electricity Ventures, a local weather and technological innovation fund backed by Microsoft (MSFT.O) co-founder Monthly bill Gates, Bloomberg founder Michael Bloomberg, Amazon (AMZN.O) founder Jeff Bezos, and Ray Dalio, founder of the world’s most significant hedge fund Bridgewater Associates.

Other KoBold buyers include Silicon Valley venture capital fund Andreessen Horowitz and Norwegian condition-managed electricity organization Equinor.

BlueJay stated earlier scientific studies uncovered the spot in western Greenland has similarities to the geology of Russia’s Norilsk area, a primary producer of nickel and palladium.

“This agreement is transformative for Bluejay,” mentioned the comany’s CEO Bo Steensgaard. “We are delighted to have a husband or wife at the pinnacle of technological innovation for new exploration solutions, backed by some of the most successful traders in the earth.”

(Corrects 5th paragraph to replicate that Breakthrough Energy Ventures is an investor in KoBold, not an owner)

Reporting by Jacob Gronholt-Pedersen
Enhancing by David Holmes

Our Requirements: The Thomson Reuters Rely on Concepts.

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