{"id":726,"date":"2022-12-16T22:37:00","date_gmt":"2022-12-16T22:37:00","guid":{"rendered":"https:\/\/gbc1.net\/?p=726"},"modified":"2024-04-17T11:35:57","modified_gmt":"2024-04-17T11:35:57","slug":"kobold-metals-to-invest-usd-150m-in-zambia","status":"publish","type":"post","link":"https:\/\/gbc1.net\/index.php\/2022\/12\/16\/kobold-metals-to-invest-usd-150m-in-zambia\/","title":{"rendered":"KoBold Metals to Invest USD 150M in Zambia"},"content":{"rendered":"\n

The Californian mining firm KoBold Metals<\/a> committed to invest USD150 million to develop the Mingomba copper-cobalt mine in Zambia. The announcement was made during the US-Africa Business Forum which forms part of the US-Africa Leaders Summit (#UALS2<\/a>) which took place in Washington DC from 13 to 15 December 2022.<\/p>\n\n\n\n

It is worth noting that KoBold is financed by Breakthrough Energy Ventures, which was founded by Microsoft’s Bill Gates and is also backed by Amazon’s Jeff Bezos and Virgin’s Richard Branson.<\/p>\n\n\n\n

The Mingomba project is a joint venture between Australian private equity firm EMR Capital and the state-owned Zambian Consolidated Copper Mines (ZCCM). KoBold agreed to pay USD 115 million for a 80% stake in Mingomba mine. In addition, KoBold will inject another USD 35 million to process the minerals.<\/p>\n\n\n\n

The Mingomba mine is said to have reserves of 247 millions tonnes containing 3.64% of copper, which is considered high-grade. The mineral also contains cobalt and KoBold plans to apply the latest #AI<\/a> technology to process exploration data and optimize the mining process.<\/p>\n\n\n\n

At the same time, the US and EU are joining hands to refurbish and upgrade the Benguela Rail Line which is part of the #LobitoCorridor<\/a>. Eventually, the minerals mined in Zambia should be shipped efficiently via the #LobitoCorridor<\/a>.<\/p>\n\n\n\n

Intervening during the pitch at the US-Africa Business Forum, Zambian President Hakainde Hichilema underlined the need for local value addition (#LVA<\/a>) in order for Africa to break away from the ‘resource curse.’ Rather than exporting critical minerals for the manufacturing of batteries for Electric Vehicles (#EV<\/a>), Africa should move to encourage local production of #lithium<\/a> batteries on the continent and gradually develop a complete ecosystem around car manufacturing.<\/p>\n\n\n\n

President Hichilema expressed the wish to see his country’s production ramp up to 3 million tonnes per annum by 2032 compared to only 0.8 million tonnes in 2022. With its world-renowned #Copperbelt<\/a>, Zambia is currently Africa’s second largest copper producer.<\/p>\n\n\n\n

<\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

The Californian mining firm KoBold Metals committed to invest USD150 million to develop the Mingomba copper-cobalt mine in Zambia. 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