KoBold Metals Expedites High-Grade Copper Mine in Zambia
KoBold Metals, a California-based metals exploration company with backing from billionaires Bill Gates and Jeff Bezos, is considering partnerships as it aims to expedite the development of a new copper mine in Zambia, with an estimated cost of around $2 billion.
The Silicon Valley start-up, renowned for its use of artificial intelligence in prospecting for copper, cobalt, nickel, and lithium, is also contemplating a potential public listing of its shares within the next three to four years, according to Josh Goldman, its co-founder and president, as reported by Reuters.
Initially planning to construct a new mine at its Mingomba project in Zambia within the decade, KoBold is now accelerating its plans to meet the rising demand for critical metals, stated Goldman.
“We’re aiming to expedite the process significantly, aiming for one of the highest-grade, large copper mines,” Goldman remarked during the African Mining Indaba. “We are committed to an accelerated timeline, with our foot firmly on the accelerator.”
KoBold revealed that the Mingomba deposit, currently undergoing further exploration, boasts copper ore grades of approximately 5%, placing its quality on par with Ivanhoe Mines’ Kakula deposit in the Democratic Republic of Congo.
The ore body’s quality could potentially make Mingomba the highest-grade Zambian discovery in a century, KoBold asserted.
Backed by Breakthrough Energy Ventures, a climate and technology fund supported by notable figures such as Richard Branson and Ray Dalio, KoBold anticipates commencing mine development, including shaft sinking, around 2027, according to Mfikeyi Makayi, CEO for KoBold Metals Africa, speaking to Reuters.
While the Zambian mine may necessitate an estimated $2 billion investment, Goldman suggested that existing infrastructure from other operators within the central African copperbelt could help mitigate capital requirements.
“The challenge globally isn’t a lack of capital availability but rather a scarcity of high-quality projects. Where there are promising returns, capital follows,” Goldman explained. “For an exceptional project, funding will be available.”
The push to construct the new mine coincides with increased U.S. efforts to secure alternative sources of critical metals like copper, cobalt, lithium, and nickel, crucial for facilitating the transition to clean energy and accelerating the adoption of battery electric vehicles.
KoBold remains open to partnerships both in Zambia and across its various projects worldwide, with Goldman stating that the company is receptive to discussions regarding diverse partnership opportunities. KoBold collaborates with industry giants BHP and Rio Tinto on projects in Australia and Canada.
“There’s considerable interest from financing parties and various stakeholders in the Mingomba project,” Goldman remarked. “We are open to exploring discussions about a wide array of potential partnerships.”
