What's Your Problem? Reinventing Mining to Power the World
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Sep 12, 2024 Kurt House, co-founder and CEO of KoBold Metals, shares insights on revolutionizing the mining industry for the renewable energy transition. He discusses the enormous demand for essential metals like copper and lithium, and how AI and data science are pivotal in discovering these resources. Kurt recounts a significant copper discovery in Zambia, while balancing personal anecdotes from his family trips. He emphasizes the need for innovative exploration techniques and the importance of fostering a supportive culture in mining management.
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Energy Transition Requires Massive New Metal Supply
- The energy transition will require vastly more specific metals like copper and lithium than today.
- Mining supply won't automatically scale because major miners spend almost nothing on new exploration methods.
Discovery Is Becoming More Expensive
- Exploration is getting harder and costlier over time, a reverse Moore's Law for mining discovery.
- Big mining companies spend negligible amounts on R&D and modern exploration techniques, worsening discovery rates.
Exploration As An Information Problem
- Mineral exploration is fundamentally an information and search problem under deep uncertainty.
- Combining geoscience with modern data science can massively improve exploration efficiency.