KoBold Metals Begins $2.5B Copper Project in Zambia, Africa’s Mining Boom

Zambia’s Mingomba Project Signals Africa’s Growing Role in Copper Supply

KoBold Metals, backed by U.S. Billionaires Jeff Bezos and Bill Gates, has officially commenced development of its Mingomba copper project in Zambia, with initial production anticipated in the early 2030s. The project represents a significant investment – estimated at $2.3 to $2.5 billion – and is poised to contribute substantially to Zambia’s ambitious goal of tripling its copper output to 3 million metric tons annually by 2031.

The timing of this development coincides with a broader trend: Africa’s increasing prominence as a critical minerals supplier. Just days prior to the Mingomba announcement, Burundi entered into a three-year agreement with KoBold Metals and Lifezone Metals to explore for minerals vital to the global energy transition, highlighting the continent’s growing appeal for resource investment.

Zambia, currently Africa’s second-largest copper producer after the Democratic Republic of Congo, is strategically positioning itself to capitalize on rising global demand for copper, driven by the electrification of transportation and the expansion of renewable energy infrastructure. The Mingomba project is expected to yield approximately 300,000 metric tons of copper per year, a substantial addition to the nation’s current production capacity.

“We’ve started mine development,” stated Mfikeyi Makayi, CEO of KoBold Metals Africa, in a recent interview with Reuters. “We’re now fully engaged in the permitting process to secure approvals to start construction. Shaft sinking is expected in early 2027.” Makayi also indicated that while KoBold is currently self-funding the project, the company remains open to considering partnerships for future financing.

KoBold’s approach to mineral exploration is noteworthy. The company leverages artificial intelligence to identify promising copper, cobalt, nickel, and lithium deposits, a technology that is increasingly being adopted by mining firms seeking to improve efficiency and reduce exploration risks. This innovative approach is not limited to Zambia; KoBold secured permits last year to explore lithium and other minerals in the Democratic Republic of Congo and is actively expanding its presence in Namibia, while also evaluating opportunities in Botswana.

However, the surge in interest from foreign mining companies is occurring against a backdrop of evolving regulatory landscapes across Africa. Several nations, including Burkina Faso, Niger, Mali, and Ghana, have recently revised their mining regulations or increased royalty rates, signaling a desire to secure a greater share of the economic benefits derived from their mineral wealth. These changes reflect a growing trend of resource nationalism, as African governments seek to maximize the value of their natural resources while still attracting foreign investment.

The development of the Mingomba project, and KoBold’s broader expansion across the continent, underscores Africa’s rising importance in the global supply chain for critical minerals. As demand for these resources continues to grow, the continent is poised to play an increasingly pivotal role in powering the world’s transition to a cleaner energy future. Observers will be watching closely to see how Zambia navigates the permitting process for Mingomba, and how KoBold balances its independent funding strategy with potential future partnerships. The success of these ventures will likely shape the future of mining investment in Africa and influence the continent’s position in the global minerals market.