Bluejay Mining to partner with Bezos and Gates-backed exploration entity

AIM-listed Bluejay Mining and private mineral exploration company KoBold Metals are set to sign a joint venture agreement to advance exploration of critical minerals in Greenland.

KoBold, which is backed by billionaires including Jeff Bezos and Bill Gates, will provide US$15 million towards exploration activities at Bluejay’s Disko-Nuussuaq project on Greenland’s West coast, in exchange for a 51% stake in the project.

The licence contains a range of metals including nickel, copper, cobalt and platinum, with the funding to cover evaluation and initial drilling. BlueJay said previous studies found the area in Western Greenland has similarities to the geology of Russia’s Norilsk region, a main producer of nickel and palladium.

Bluejay has so far identified more than 20 ore targets across the project, with the two largest being 5.9 km and 10 km long.

“This agreement is transformative for Bluejay,” said the company’s CEO Bo Steensgaard. “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.”

KoBold uses artificial intelligence and machine learning to hunt for raw materials, attracting some of the biggest investment funds in the world, such as Microsoft-backed climate and technology fund Breakthrough Energy Ventures and Silicon Valley venture capital fund Andreessen Horowitz.