KoBold Kicks Off Shaft Construction at Mingomba Mine in Zambia
On 29 April, KoBold held the groundbreaking of the main shaft of the #Mingomba Copper Mine Project in Zambia. President Hakainde Hichilema, Minister of Mines Paul Kabuswe, ZCCM-IH Chair Phesto Musonda, and Zanaco CEO Mukwandi Chibesakunda represented the Zambian side. The American side was represented by KoBold Metals CEO Kurt House, KoBold Metals Africa CEO Mfikeyi Makay, and Ambassador Michael Gonzales.
The orebody sits at depths between 1,200 and 1,700 below the surface, making the construction capital-intensive and time-consuming. In fact, first production is expected to only start by the end of 2030 or the beginning of 2031, depending on challenges encountered during drilling.
“A groundbreaking is a momentous occasion. It reminds us again that sometimes you have to break what is to unleash what can be. Through American technology and investment, Zambian talent, and the ingenuity that is possible when our countries collaborate, today KoBold Metals unleashes yet more of what Zambia can be.”
US Ambassador Michael Gonzales
The Mingomba mine is located in Chlilabombwe in the famous #Copperbelt region. #Copper is the primary resource with an estimated reserve of 247 million tonnes of ore at an average grade of 3.64%. As a secondary resource, cobalt is also expected to be extracted, consistent with other mines on the Copperbelt.
KoBold is investing nearly USD 2.5 billion into the Mingomba project, which marks the largest private sector investment in the history of Zambia. Silicon Valley-based KoBold is backed by Bill Gates, Jeff Bezos, and Sam Altman. In addition, KoBold distinguishes itself from other mining outfits by its extensive application of #AI technology to sift through geological data to recommend promising sites.
When operational, Mingomba will be one of the largest and highest-grade copper mines in Africa. It is estimated that the Mingomba project will yield 300,000 tonnes of copper annually. President Hichilema reiterated his government’s commitment to triple the national output of copper to 3 million tonnes by 2031.
KoBold is in talks with the Democratic Republic of Congo and other mineral-rich African countries to access geological survey data collected during colonial times. Through #digitalization and AI, KoBold hopes to find other promising mining sites to develop.