KoBold Metals targets early-2030s copper output at Zambia project

KoBold Metals, the mining firm backed by US billionaires Jeff Bezos and Bill Gates, has started development of its Mingomba copper project in Zambia, targeting production in the early 2030s, its Africa CEO told Reuters on Wednesday.

Zambia, Africa’s second-largest copper producer after Democratic Republic of Congo, aims to more than triple its copper output to 3 million metric tons by 2031, and projects like Mingomba are central to meeting this goal.

“We’ve started mine development,” KoBold Metals Africa CEO Mfikeyi Makayi said. “We’re now full swing into our permitting process for us to get approvals to start building the mine,” she said, adding that shaft sinking was expected in early 2027.

“With us moving quite fast, it’s to get that build into production early 2030s,” said Makayi.

The company has completed land acquisition for key mine infrastructure, including processing plants, a tailings dam, and administrative facilities, she added.

The project’s investment requirement is estimated at $2.3 billion to $2.5 billion, Makayi said, with the mine expected to produce 300,000 metric tons of copper annually.

On how KoBold will finance the mine, she said: “It’s an interesting project, and many places around the world, most people partner. So yeah, we have different conversations, but right now, it’s still only KoBold and we’re confident we’re okay, we’ve got some runway to carry the project forward at this stage.”

Wider African ambitions

The mine development comes as the United States steps up efforts to loosen China’s grip on metals and minerals crucial in the manufacturing of everything from mobile phones to cars.

KoBold, which uses artificial intelligence to search for copper, cobalt, nickel and lithium, last year secured seven permits to search for lithium and other minerals in the Democratic Republic of Congo.

“The people in the field are beginning our exploration program,” Makayi said of the Congo operations.

KoBold is also exploring for lithium and nickel in Namibia, has started lithium exploration in Zambia and is looking for opportunities in Botswana, an emerging copper-mining hotspot.

(By Olivia Kumwenda-Mtambo; Editing by Emelia Sithole-Matarise)