George N. Mtonga Defends Shell Company called Kobold Metals
KoBold Metals is NOT a Shell Company
George N. Mtonga wrote;
A recent post circulating on Facebook from the Patriotic Front page falsely claims that KoBold Metals is a shell company with no employees or operations. This is factually incorrect and misleading.
✅ Here are the verified facts:
1. KoBold Metals is a legitimate operating company—not a shell.
It is a U.S.-based startup focused on mineral exploration using artificial intelligence and data science to find critical metals like cobalt, nickel, and copper.
KoBold Metals was founded in 2018, not 2022.
The company is headquartered in Berkeley, California, not just “registered with no offices.”
2. KoBold has real offices, employees, and global operations.
KoBold operates in multiple countries, including Zambia, Canada, Australia, and the Democratic Republic of Congo.
They are actively involved in exploration and mining partnerships, including a high-profile joint venture with First Quantum Minerals in Zambia.
As of 2024, they have over 100 employees, including geologists, data scientists, and mining engineers.
3. Their Delaware and UK registrations are standard legal structures.
Registering in Delaware or the UK is a common practice for startups and multinational companies due to favorable corporate laws.
This does not make a company a shell. Companies like Google, Meta, and Tesla are also incorporated in Delaware.
4. KoBold’s ownership is transparent and credible.
KoBold is backed by Breakthrough Energy Ventures, a climate-tech fund founded by Bill Gates, and supported by Jeff Bezos, Michael Bloomberg, Ray Dalio, Reid Hoffman, T. Rowe Price, and Andreessen Horowitz.
These are serious global investors who do not invest in “shell” companies.
5. There is zero evidence linking KoBold Metals to Hakainde Hichilema (HH).
The attempt to associate HH with ownership is politically motivated and unsupported by any credible documentation or shareholder record.
The Zambian government’s partnership with KoBold is between the State (via ZCCM-IH and First Quantum Minerals) and the investors, not personal or hidden.
易 What is a Shell Company, Really?
A shell company is typically one that exists only on paper, with no physical operations, no employees, and no significant assets. KoBold Metals:
Has real offices (Berkeley, California)
Runs real mining operations
Employs real people globally
Holds real assets and exploration licenses
Conclusion:
The claim that KoBold is a “shell company” is factually false, legally inaccurate, and politically motivated. KoBold is a cutting-edge mining technology firm backed by some of the world’s most respected investors. Misinformation like this not only misleads the public but undermines investment confidence.
What else do you expect from a bunch of people who have travelled to South Africa to listen to a court verdict that I will hear from the comfort of home? They have booked hotel rooms picked up from the airport in expensive cars while their members are crying cause they were misled by such utter rubbish? Are these the kind of people you would vote for? Are these the kind of people when elected would bother about you….olo ni baniwone baniwone in flashy cars that will bring back fuel subsidies while taking away free education and meal allowances to give to their wives and family?
Mwanje imwe ba Mtonga adada…one day you are telling the current regime off and today you are singing another tune against PF. What do you stand for?
Chaps from somewhere suprise me. With all the education. Objectivity still eludes you from time to time?
Is thinking and using one’s brain forbidden in PF? I ask because even basic things seem to go over head, and they run in the wrong direction. With such kind of thinking, I ask myself how we ended up with such type of people as our leaders for ten years. But then again, it also explains why they caused so much damage to the economy that it should have taken at least 20 years to get it back on track, but luckily, we have a team that is doing its best to put the economy back on track.
Is thinking and using one’s brain forbidden in PF? I ask because even basic things seem to go over their heads, and they always run in the wrong direction. With such kind of thinking, I ask myself how we ended up with such type of people as our leaders for ten years. But then again, it also explains why they caused so much damage to the economy that it should have taken at least 20 years to get it back on track, but luckily, we have a team that is doing its best to put the economy back on track.