Billionaire-Backed Firm Enters Joint Venture to Explore Mineral Project in Greenland

Bluejay Mining's Disko-Nuussuaq project includes exploration of metals such as nickel, copper, cobalt, platinum magmatic massive sulphide. It is one of Bluejay's four projects in Greenland. Photo from Qaqortoq in southern Greenland. (Photo: (Wikimedia Commons/Kim Hansen).

The billionaire-backed mining firm KoBold has entered a joint venture with Bluejay in Greenland to explore critical materials for electric vehicles.

On Monday, the Greenland-centric mining company Bluejay Mining plc announced a joint-venture agreement with KoBold Metals to explore the Disko-Nuussuaq Project on the southwest coast of Greenland. 

KoBold is a mineral exploration company that uses machine learning to search for new deposits rich in critical materials for electric vehicles, a press release states. The Disko-Nuussuaq project involves exploration of metals such as nickel, copper, cobalt and platinum.

The company is backed by investors such as Bill Gates, Michael Bloomberg and Jeff Bezos through Breakthrough Energy Ventures, a climate and technology fund. Other investors include the Norwegian state-owned energy company Equinor (former: Statoil).

According to the announcement, KoBold will earn 51% of the Disko-Nuussuaq licence holding through a two-stage earn-in commitment that includes 15 million USD funding into the project.

"Disko is a project with great potential for the discovery of globally significant deposits of battery metals. It is, however, this scale that necessitated a financially and technically strong partner to develop Disko," says Bo Stensgaard, CEO of Bluejay. 

"This Agreement is transformative for Bluejay. 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", Stensgaard adds.