In a groundbreaking announcement, KoBold Metals, a company supported by a group of billionaire investors including Bill Gates and Jeff Bezos, revealed that its Mingomba asset in Zambia represents the largest copper deposit discovered in the country in a century. The California-based startup, after a little over a year of drilling on its Zambian permit, is ready to expedite the development of this significant find.
Josh Goldman, KoBold’s president, emphasized the exceptional nature of the Mingomba deposit, likening its potential to the renowned Kamoa-Kakula mine in the Democratic Republic of Congo (DRC), which is a collaborative venture between Ivanhoe Mines and China’s Zijin Mining. Kamoa-Kakula is noted for its substantial copper production, nearing 400,000 tonnes last year.
In 2022, KoBold entered the project through a joint venture with its original proprietors, EMR Capital, an Australian private equity firm, and Zambia’s state-owned mining entity, ZCCM-IH. The company aims to establish the $2 billion underground copper mine within the decade, targeting initial production in the early 2030s. This ambitious timeline is contingent upon updating resource estimates and completing necessary feasibility studies.
Goldman expressed confidence in securing the required capital for this venture, citing the global challenge not as a scarcity of capital but rather a dearth of high-quality projects. He assured that for a project with Mingomba’s potential, investment would be forthcoming.
The development of the Mingomba project is in harmony with Zambian President Hakainde Hichilema’s vision to augment the nation’s copper output to three million tonnes by 2032. This increase aims to alleviate Zambia’s debt burden, highlighting the project’s significance beyond its immediate economic benefits.
KoBold Metals is not limiting its focus to copper alone but is on a quest for all minerals deemed critical for the energy transition. With a portfolio that spans multiple continents, including exploration properties in Namibia, the DRC, Canada, Australia, and activities in South Korea and the United States, KoBold is leveraging artificial intelligence to revolutionize mineral exploration.
The startup’s innovative approach involves synthesizing diverse data streams, from historical drilling results to contemporary satellite imagery, to unearth deposits of crucial minerals like cobalt, nickel, and lithium. By applying advanced algorithms, KoBold aims to unveil resources that might have remained hidden from traditional exploration methods. 
