Shares in Bluejay Mining skyrocketed on the information, buying and selling up 25% in London at 11.64p by mid-day native time. That is the very best the inventory has traded since Feb. 19, when it hit 11.9p. It leaves the exploration firm with initiatives in Greenland and Finland with a market capitalization of 113.23 million kilos (about $157m).
The Disko-Nuussuaq licence holds metals similar to nickel, copper, cobalt and platinum and KoBold’s funding will cowl analysis and preliminary drilling.
BlueJay mentioned earlier research have discovered that the world in western Greenland resembles the geology of Russia’s Norilsk area, a most important producer of nickel and palladium.
“This settlement is transformative for Bluejay,” Bluejay CEO Bo Stensgaard mentioned. “KoBold is a corporation with the heft and technical functionality to develop this mission to its full business potential,” Stensgaard mentioned.
KoBold’s backers embrace huge names similar to Enterprise capital agency Andreessen Horowitz and Breakthrough Energy Ventures. The latter is financed by well-known billionaires together with Michael Bloomberg, Ray Dalio, Richard Branson, in addition to Amazon founder Jeff Bezos and Microsoft co-founder Invoice Gates.
Not a miner
KoBold, as its chief government officer Kurt Home has said a number of occasions, doesn’t intend to be a mine operator “ever.”
The corporate is targeted on looking for battery metals started, a quest that began last year in Canada. It acquired rights to an space of about 1,000 sq. km (386 sq. miles) in northern Quebec, simply south of Glencore’s Raglan nickel mine.
KoBold goals to create a “Google Maps” of the Earth’s crust, with a particular concentrate on discovering cobalt deposits. It collects and analyzes a number of streams of information — from outdated drilling outcomes to satellite tv for pc imagery — to raised perceive the place new deposits is likely to be discovered.
Algorithms utilized to the information collected decide the geological patterns that point out a possible deposit of cobalt, which happens naturally alongside nickel and copper.
The California-based agency additionally expects to usher in different buyers, doubtlessly together with its present backers, on a deposit-by-deposit foundation. It’ll additionally search mining-savvy companions as soon as it has recognized an attention-grabbing mission.