ZCCM-IH and Kobold Mingomba JV Unveils Zambia’s Biggest Copper Find in a Century
Yesterday, Joint venture partners ZCCM-IH and KoBold Metals, a Silicon Valley company using artificial intelligence to discover critical minerals for the electric vehicle and renewable energy revolutions, discussed the details of their recent copper discovery at the Mingomba deposit.
“ZCCM-IH’s goal is to ensure that Zambia’s finite mineral resources are optimized and benefit the people of Zambia,” said ZCCM-IH Board Chair Mr. Kakenenwa Muyangwa.
“ZCCM-IH is proud to be an active investor partnering with Kobold Metals in the Mingomba Deposit, which is well-positioned to help create new jobs, bring significant new investments into the country, and make a major contribution towards Zambia’s goal of increasing copper production to 3 million metric tonnes a year.”
“This success would not be possible without the incredible partnership of ZCCM-IH,” said Mfikeyi Makayi, CEO of KoBold Metals Africa.
“We look forward to working with them as we build what will be one of Africa’s most important copper mines.”
“Mingomba is like Kakula in scale and grade,” Makayi continued. “We will develop Mingomba into a mine faster than ten years.
The accelerator is firmly on the floor.” “This is a critical inflection point for Zambia,” said Jito Kayumba, senior adviser to Zambian President Hakainde Hichilema on economic, financial, investment, and development.
“That means our journey to get to 3 million metric tons is much more realizable.” 1 “The Zambian people, through ZCCM-IH, own a direct stake in this asset.
This is significant as it enables the country to benefit from direct ownership,” said Price Waterhouse Copper’s Senior Partner in Zambia, Andrew Chibuye.
“I doubt that there could have been a more fitting way for Zambia to kick off its participation at the world-renowned Cape Town Mining Indaba than to have KoBold Metals announce that the development of a mega copper mine is on the horizon for Zambia.”
About KoBold KoBold Metals is an AI-driven mineral exploration company created to increase the ethical supply of critical materials, including nickel, cobalt, copper, and lithium, needed to build electric vehicles and renewable energy storage.
KoBold aims to be the best in the world at finding new ore deposits by drawing on its world-class expertise in exploration geoscience and full-stack AI software system to guide exploration decisions.
KoBold uses machine learning and other scientific computing methods to guide where to acquire land and how and what data to collect, from sampling to airborne surveying to drilling.
KoBold’s portfolio includes 100%-owned properties, majority/operated and minority/non-operated equity positions in joint ventures, and global alliances with major mining companies to use historic and underexploited datasets to generate new exploration opportunities.
KoBold’s technology is used only on projects in which the company owns an interest, is investing in exploration, and is not available for license or on a fee-for-service basis. KoBold creates value by discovering new ore deposits and expanding existing resources.
The company realizes that value by investing its capital in exploration and owning an interest in the mineral resources discovered.
KoBold, headquartered in Berkeley, California, was founded in 2018. KoBold Metals Africa is led by CEO Mfikeyi Makayi.
KoBold is privately held and backed by investors who have committed to supporting the company for the long term, including institutional asset managers T. Rowe Rice and Canada Pension Plan Investments; technology venture capitalists Andreessen Horowitz, Bill Gates’s Breakthrough Energy Ventures, BOND Capital, Standard Investments, and Sam Altman’s Apollo Projects; and leading natural resources and industrial companies Equinor, BHP, and Mitsubishi.
