KoBold Metals Launches Construction of Zambia’s Largest Copper Mine
KoBold Metals Breaks Ground on $2.3 Billion Mingomba Copper Mine in Zambia, Boosting Output Ambitions
KoBold Metals, a U.S.-based exploration company backed by investors including Bill Gates and Sam Altman, has officially begun construction of the Mingomba copper mine in Zambia, marking one of the largest mining investments in the country’s history.
The project, valued at more than $2.3 billion, is expected to become Zambia’s largest copper mine.
Once fully operational, Mingomba is projected to produce over 300,000 tonnes of copper per year, placing it among the top producers on the African continent.
Speaking at the groundbreaking ceremony for the shaft sinking, President Hakainde Hichilema said the project demonstrates growing investor confidence in Zambia’s mining sector and economic potential.
KoBold Metals used advanced artificial intelligence technology to accelerate exploration at the site.
After acquiring the project in December 2022, the company identified a high-grade copper deposit deep underground that had not previously been discovered.
The development comes at a time when global demand for copper is rising rapidly, driven by the growth of electric vehicles, renewable energy systems, and data centers.
Analysts widely expect a future supply shortfall, which could increase the importance of large-scale projects like Mingomba.
However, the project also presents technical challenges. The mine is expected to reach depths of approximately 1,700 meters, making it one of the deepest copper mines in the world.
The area, located near Zambia’s border with the Democratic Republic of Congo, is known for high groundwater levels, requiring extensive pumping systems to prevent flooding.
KoBold Metals expects to finalize a detailed cost estimate after completing an engineering study by early next year.
The company has not previously developed a mine, having focused primarily on mineral exploration, making Mingomba its first major development project.
For Zambia, the project supports the government’s goal of significantly increasing copper production over the coming decade.
Other major mining companies have also been expanding operations in the country, reinforcing its position as a key global copper producer.
Meanwhile the Mineworkers Union of Zambia has welcomed the investment, describing it as a major milestone for the mining sector and a potential driver of economic growth in the Copperbelt region.
Union President Joseph Chewe said the project could help revitalise the region but stressed that its success should also be measured by the quality of jobs created.
He called for competitive wages, safe working conditions, and strong labour standards.
He also urged the government to ensure that Zambians benefit beyond employment, including through participation in ownership, supply chains, and business partnerships.
Strengthening local involvement in the mining value chain, he said, would support long-term economic development.
As construction progresses, the Mingomba project is expected to play a key role in Zambia’s mining future and contribute to meeting growing global copper demand.
