KoBold Metals Advances Mingomba Copper Project in Zambia

KoBold Metals Begins Mingomba Copper Development in Zambia, Targets Early 2030s Production

KoBold Metals, the mining firm backed by U.S. billionaires Jeff Bezos and Bill Gates, has officially commenced development of its Mingomba copper project in Zambia, with production targeted for the early 2030s.

The development marks a significant step in Zambia’s efforts to expand copper output and strengthen its position in the global energy transition supply chain.

The announcement follows closely on a separate regional development in which Burundi signed a three-year agreement with KoBold Metals and Lifezone Metals to explore critical minerals essential for clean energy technologies.

Zambia, Africa’s second-largest copper producer after the Democratic Republic of Congo, has set an ambitious target to more than triple its copper production to 3 million metric tons annually by 2031.

Projects such as Mingomba are expected to play a central role in achieving this goal.

“We’ve started mine development,” said Mfikeyi Makayi, CEO of KoBold Metals Africa, in comments to Reuters. “We are now fully engaged in the permitting process to secure approvals for construction.

Shaft sinking is expected in early 2027, and at this pace, we aim to bring the mine into production in the early 2030s.”

KoBold has already completed land acquisitions for critical infrastructure, including processing facilities, a tailings storage facility, and administrative buildings.

The Mingomba project is expected to require an investment of between $2.3 billion and $2.5 billion and could produce approximately 300,000 metric tons of copper annually.

On financing, Makayi indicated that while partnerships may be considered in the future, the company is currently advancing the project independently.

“It’s an attractive project, and while many mining developments involve partnerships, KoBold has sufficient capacity to progress at this stage,” she said.

Strategic Context: Global Competition for Critical Minerals

The Mingomba project comes as the United States intensifies efforts to reduce reliance on China for critical minerals used in electronics, renewable energy systems, and electric vehicles.

Africa is increasingly central to this global competition, with countries across the continent emerging as key suppliers of copper, cobalt, lithium, and other strategic resources.

KoBold Metals, which leverages artificial intelligence to identify deposits of copper, cobalt, nickel, and lithium, is expanding its footprint beyond Zambia. The company recently secured exploration permits in the Democratic Republic of Congo and is also active in Namibia, while assessing opportunities in Botswana, an emerging copper exploration hub.

Policy Shifts Across Africa’s Mining Sector

At the same time, African governments are taking a more assertive approach to managing their natural resources.

Countries including Burkina Faso, Niger, Mali, and Ghana have introduced reforms such as higher royalties and revised mining codes.

These measures reflect a broader push to capture greater value from mineral wealth while continuing to attract foreign investment.