U.S.-backed mining firm KoBold Metals is targeting copper production in the early 2030s from its flagship Mingomba copper project in Zambia, as the company accelerates development of one of Africa’s most promising new mining assets, according to Reuters.
The company has already begun mine development and permitting processes, with construction expected to ramp up in the coming years and shaft sinking planned for 2027. Executives say the project is moving at pace to meet its target timeline for production early in the next decade.
Once operational, the mine is projected to produce around 300,000 metric tonnes of copper annually, supported by an estimated $2.3 billion to $2.5 billion investment. The development is seen as a key contributor to Zambia’s ambition to triple national copper output to 3 million tonnes by 2031.
KoBold, backed by investors including Bill Gates and Jeff Bezos, is leveraging artificial intelligence to identify high-value mineral deposits. Analysts say projects like Mingomba are central to global efforts to secure critical metals needed for electric vehicles, renewable energy, and advanced manufacturing, amid rising competition for supply.
