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KoBold Metals breaks ground on $2.3 billion Mingomba mine - Updated. Evans Mumba 2 days ago Business, Local News, News Comments Off on KoBold Metals breaks ground on $2.3 billion Mingomba mine - Updated 238 Views In a bold move that underscores the intensifying global race for critical minerals, KoBold Metals has officially broken ground on the Mingomba copper mine. The mine is set to become the country's largest mining project and one of Africa's most significant new copper operations. Backed by high-profile investors including Bill Gates and Sam Altman, KoBold is deploying artificial intelligence to accelerate exploration and development timelines in a sector traditionally defined by long lead times and high geological uncertainty. With a capital cost exceeding $2.3 billion, Mingomba represents a defining test case for whether data-driven exploration can translate into rapid, large-scale mine development. Located in the prolific Copperbelt region near the border with the Democratic Republic of Congo, the Mingomba project is expected to produce more than 300,000 tpa of copper at full capacity. The development aligns closely with President Hakainde Hichilema's ambition to more than triple national copper output over the coming decade. "This is a demonstration that Zambia is open for business," Hichilema said at the groundbreaking ceremony. "Where there was nothing here, now we're talking of shafts." The project also complements expansion efforts by major industry players such as Barrick Mining and First Quantum Minerals, both of which are increasing their footprint in Zambia as part of a broader resurgence in African copper investment. KoBold's approach to Mingomba marks a departure from conventional mining project development. The company acquired the asset in December 2022 and rapidly identified a high-grade copper deposit using proprietary artificial intelligence tools designed to analyse vast geological datasets. Traditionally, it can take more than 15 years to move from discovery to production. KoBold, however, is attempting to significantly compress this timeline, moving into construction even before completing full engineering studies. "We cannot afford to go slow," said Chief Executive Officer, Mfikeyi Makayi, speaking at the site. "We must go fast, we shall go fast, and we will not take shortcuts." The statement reflects a broader shift in the mining sector, where digital technologies are being leveraged to de-risk exploration and accelerate project pipelines. Industry analyst Rebecca Moore of ResourceTech Insights noted: "KoBold is effectively trying to do for mining what Silicon Valley did for software, iterate faster, learn faster and deploy capital more efficiently. The question is whether geology will cooperate." KoBold's urgency is underpinned by mounting concerns over a looming global copper supply deficit. Demand is being driven by electrification trends, including electric vehicles, renewable energy systems and the rapid expansion of data centres. "Copper is the metal of electrification," said James Rutledge, a metals strategist at Green Transition Capital. "Every credible forecast points to a structural shortfall by the end of the decade unless new supply comes online quickly." Mingomba's projected output could therefore play a critical role in balancing markets at a time when existing mines are ageing, and ore grades are declining globally. However, Rutledge cautioned that timing will be crucial: "If KoBold can deliver on its accelerated schedule, it could capture peak pricing. If not, it risks entering a more competitive supply environment." Despite its promise, Mingomba presents formidable technical challenges. The orebody lies approximately 1,700 metres below surface, making it one of the deepest planned underground mines globally. The region is also known for its high groundwater inflows, with neighbouring operations among the wettest underground mines in the world. Managing water ingress will require extensive pumping infrastructure and advanced mine design. KoBold President Josh Goldman acknowledged these complexities, noting that a final cost estimate will only be confirmed after engineering studies are completed in early 2027. "This is not a simple project," Goldman said in an interview at the site. "Depth, water and infrastructure all add layers of complexity, but they are challenges we believe can be managed with the right engineering solutions." The company is also still evaluating options for processing Mingomba's output, including whether to invest in local smelting and refining capacity or rely on existing regional infrastructure. Mingomba represents a pivotal moment for KoBold, which has built its reputation as an exploration-focused company leveraging AI to identify new mineral deposits. To date, it has not developed or operated a producing mine. "This is a step-change in risk profile," said mining consultant Peter van der Merwe. "Exploration success doesn't automatically translate into operational success. Building and running a deep, complex underground mine is a different discipline entirely." Van der Merwe added that KoBold's ability to attract top-tier engineering and operational talent will be critical: "They have the capital and the technology, but execution will determine whether this becomes a flagship success or a cautionary tale." The scale and speed of the Mingomba project highlight growing investor appetite for critical minerals, particularly those linked to the energy transition. KoBold's backers are betting that combining advanced analytics with traditional mining expertise can unlock new supply in a capital-efficient manner. "Capital is flowing into mining again, but it's coming with expectations of innovation," said Laura Chen, a partner at Frontier Resources Advisory. "Projects like Mingomba are being watched closely because they could redefine how the industry approaches discovery and development." For Zambia, the project reinforces its position as a key destination for mining investment in Africa, supported by policy reforms aimed at improving fiscal stability and investor confidence. As construction begins, Mingomba stands at the intersection of technology, geopolitics and resource demand. It embodies both the opportunities and the risks facing the mining sector as it adapts to a rapidly changing global landscape. KoBold's decision to fast-track development reflects a broader industry imperative: the need to bring new supply online faster without compromising environmental and operational standards. "We will not take shortcuts," Makayi reiterated. "But we also understand the urgency of the moment." Whether Mingomba delivers on its promise will have implications far beyond Zambia - potentially shaping how the next generation of mines is discovered, financed and built. For now, the groundbreaking marks the start of an ambitious journey, one that could redefine the role of technology in unlocking the world's most critical resources. 100000000 17 total views

KoBold Metals launches massive ai-driven Lithium Exploration in DRC. KoBold Metals, Backed by Jeff Bezos and Bill Gates, Begins Largest Lithium Exploration Campaign in Democratic Republic of Congo KoBold Metals, a mining company backed by US billionaires Jeff Bezos and Bill Gates, has launched what it describes as the largest lithium exploration campaign in history across the Democratic Republic of Congo (DRC). The company plans to deploy artificial intelligence and advanced sensor technologies to assess one of the world's richest yet least-explored regions for critical minerals. KoBold Metals will initially explore 13 licences covering more than 3,000 square kilometres, with plans to expand operations to 5,000 square kilometres by the end of the year. The focus will be on the mineral-rich Manono region, where some of the highest-grade lithium pegmatite deposits in the world have been identified, according to the company. The exploration programme includes approximately 30,000 square kilometres of airborne geophysical surveys, the drilling of thousands of boreholes, and the collection of more than 30,000 geochemical samples. The initiative is supported by funding exceeding $50 million, with operations planned through early 2027. "A year ago, KoBold had no employees and no land in the DRC," Chief Executive Officer Kurt House said in a statement. "Today we are the largest American investor in the country, and we are launching the most ambitious mineral exploration programme ever attempted." The campaign highlights strengthening strategic and economic ties between the United States and the Democratic Republic of Congo, while underscoring the country's growing importance as a frontier for critical minerals. Despite decades of mining activity, vast portions of the DRC's geological potential remain largely untapped, particularly for minerals essential to the global energy transition. 14 total views, 14 views today

KoBold Metals advances Mingomba Copper project in Zambia. KoBold Metals Begins Mingomba Copper Development in Zambia, Targets Early 2030s Production KoBold Metals, the mining firm backed by U.S. billionaires Jeff Bezos and Bill Gates, has officially commenced development of its Mingomba copper project in Zambia, with production targeted for the early 2030s. The development marks a significant step in Zambia's efforts to expand copper output and strengthen its position in the global energy transition supply chain. The announcement follows closely on a separate regional development in which Burundi signed a three-year agreement with KoBold Metals and Lifezone Metals to explore critical minerals essential for clean energy technologies. Zambia, Africa's second-largest copper producer after the Democratic Republic of Congo, has set an ambitious target to more than triple its copper production to 3 million metric tons annually by 2031. Projects such as Mingomba are expected to play a central role in achieving this goal. "We've started mine development," said Mfikeyi Makayi, CEO of KoBold Metals Africa, in comments to Reuters. "We are now fully engaged in the permitting process to secure approvals for construction. Shaft sinking is expected in early 2027, and at this pace, we aim to bring the mine into production in the early 2030s." KoBold has already completed land acquisitions for critical infrastructure, including processing facilities, a tailings storage facility, and administrative buildings. The Mingomba project is expected to require an investment of between $2.3 billion and $2.5 billion and could produce approximately 300,000 metric tons of copper annually. On financing, Makayi indicated that while partnerships may be considered in the future, the company is currently advancing the project independently. "It's an attractive project, and while many mining developments involve partnerships, KoBold has sufficient capacity to progress at this stage," she said. Strategic Context: Global Competition for Critical Minerals The Mingomba project comes as the United States intensifies efforts to reduce reliance on China for critical minerals used in electronics, renewable energy systems, and electric vehicles. Africa is increasingly central to this global competition, with countries across the continent emerging as key suppliers of copper, cobalt, lithium, and other strategic resources. KoBold Metals, which leverages artificial intelligence to identify deposits of copper, cobalt, nickel, and lithium, is expanding its footprint beyond Zambia. The company recently secured exploration permits in the Democratic Republic of Congo and is also active in Namibia, while assessing opportunities in Botswana, an emerging copper exploration hub. Policy Shifts Across Africa's Mining Sector At the same time, African governments are taking a more assertive approach to managing their natural resources. Countries including Burkina Faso, Niger, Mali, and Ghana have introduced reforms such as higher royalties and revised mining codes. These measures reflect a broader push to capture greater value from mineral wealth while continuing to attract foreign investment. 116 total views, 5 views today