US Startup Raises $310m to Mine Critical Minerals with AI
Mariana Minerals, a US-based startup, has raised $310m to mine critical minerals like copper and lithium on US soil using autonomous AI technology. The company aims to reduce dependence on China, which dominates global mining. This move is significant for national security and the growing demand for metals in AI development.
Key points
- Mariana Minerals, a two-year-old US startup, has raised $310m in funding to mine critical minerals on US soil.
- The company uses autonomous AI technology to mine metals like copper and lithium, aiming to reduce dependence on China.
- Mariana Minerals' founders include Turner Caldwell, former head of Tesla's metals and minerals team, and experts in machine learning and energy project finance.
- The company plans to ramp up production to 50,000 tonnes of refined copper at its Utah mine, Copper One, which was restarted under autonomous software in four months.
- The funding round values Mariana Minerals at $1.5bn, with Khosla Ventures leading the Series B investment.
Mariana Minerals, a two-year-old US startup, has raised $310m to mine critical minerals like copper and lithium on US soil using autonomous AI technology. The company aims to reduce dependence on China, which dominates global mining. This move is significant for national security and the growing demand for metals in AI development.
The founders of Mariana Minerals are an unusual mix of experts. Turner Caldwell, the CEO, ran Tesla's metals and minerals team, while his co-founders came from machine learning at Affirm and energy project finance. They argue that by fusing mining execution, software, and capital, they can build a mine in half the usual time.
The urgency is geopolitical. China processes as much as 90% of the world's critical minerals, and for rare-earth magnets in phones and weapons, that rises to 92%. AI is driving metal demand to unprecedented levels, making this dependence a national-security problem, not just an economic one.
Mariana Minerals' plan is to ramp up production to 50,000 tonnes of refined copper at its Utah mine, Copper One, which was restarted under autonomous software in four months. The company's total capital now stands at about $400m, with a valuation of $1.5bn.
The funding round was led by Khosla Ventures, with a16z and Breakthrough Energy returning. This investment is a significant vote of confidence in Mariana Minerals' mission to reduce US dependence on Chinese mining and develop a more sustainable and secure supply chain for critical minerals.
Sources
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