U.S.-based KoBold Metals has entered a new mineral exploration agreement with the Democratic Republic of Congo, further strengthening its presence in one of the world’s most mineral-rich nations.

Backed by billionaire investors including Jeff Bezos and Bill Gates, the company has reached an “agreement in principle” to apply for exploration permits in the country, according to a statement released Thursday by Congo’s presidency.

The deal includes rights to explore the Manono lithium project, a major site in southeastern Congo that is currently at the center of a legal dispute between the Congolese government and Australia’s AVZ Minerals Ltd, Bloomberg reported.

The agreement was signed in Kinshasa by Congo’s Mines Minister Kizito Pakabomba and KoBold’s local managing director, Benjamin Katabuka.

KoBold has not yet issued a public statement.

Congo plays a vital role in the global energy transition as the world’s top producer of cobalt and second-largest source of copper.

It also holds large reserves of lithium and tantalum, minerals essential to electric vehicle batteries and clean energy technology.

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The deal comes amid increasing U.S. efforts to secure critical minerals and reduce reliance on China, which currently dominates the mining sector in Congo.

This dominance was reinforced after major U.S. companies exited the market, including Freeport-McMoRan’s 2016 sale of its stake in the massive Tenke Fungurume mine to China’s CMOC.

In response, the U.S. government has been encouraging more American investment in Congo’s minerals sector.

In a related development, a U.S.-led consortium that includes a company founded by former special forces personnel is now the top candidate to acquire Chemaf Resources Ltd., a significant copper and cobalt producer in Congo.

A previous attempt by China’s state-owned Norinco Group to acquire Chemaf reportedly failed to receive Congolese government approval.

The KoBold agreement is part of broader U.S.-Congo cooperation that includes American-backed peace talks aimed at resolving the ongoing conflict in eastern Congo, where a rebel group supported by Rwanda has seized major territory.

KoBold, which is known for using artificial intelligence to locate mineral deposits, also plans to support the digitization of Congo’s geological data.

The agreement was signed under the supervision of President Félix Tshisekedi and is expected to open the door to increased U.S. investment in Congo’s critical mining sector.

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