KoBold Metals Plans $2.3 Billion Investment in Zambia’s Largest Copper Mine
KoBold Metals, a mining exploration company backed by Bill Gates, is planning to invest up to $2.3 billion to develop a major new copper mine in Zambia, according to President Hakainde Hichilema, who cited company figures.
The company aims to produce over 300,000 metric tons of copper annually at the Mingomba site, positioning it as Zambia’s largest copper operation.
KoBold Metals plans to begin sinking the mining shaft in the first half of 2026, as announced by company officials during a meeting with Hichilema, which was broadcast on state television.
Zambia is striving to become one of the world’s leading copper producers, recognizing the metal’s importance for green technologies such as electric vehicles and wind turbines.
With global copper shortages predicted in the coming decades due to the shift away from fossil fuels, Hichilema has indicated that the Mingomba project could eventually rank among the world’s top three copper mines.
KoBold Metals, based in the San Francisco Bay Area, had its officials meet with Hichilema and a delegation of prominent investors who were in Zambia to inspect the company’s operations.
The delegation included senior representatives from Bill Gates’ Breakthrough Energy Ventures, Standard Industries, Equinor Ventures, Bond Capital, and T. Rowe Price.
Michael Bloomberg, the majority owner of Bloomberg LP, is also an investor in Breakthrough Energy Ventures, according to the venture company’s website.
