A group of investors is betting that the $1.6tn global mining industry is set to undergo the sort of digital disruption that upended the media, music and automotive industries.
T Rowe Price, Bond Capital and a dozen other investors have raised $192mn for a Bill Gates-backed start-up called Kobold Metals, which uses artificial intelligence and machine learning to find new deposits of critical metals needed for batteries and clean energy.
It comes as demand for battery metals such as lithium and nickel is expected to surge as electric vehicles become mainstream over the next two decades.
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