KoBold Metals Invests $200 Million in AI-Driven Copper Mining Project in Zambia
KoBold Metals has invested approximately $200 million in its Mingomba project in Chingola, Zambia, with production expected to begin in 2031. The project aims to utilize artificial intelligence (AI) technologies to produce over 300,000 tonnes of copper annually, contributing to Zambia's national target of 3 million tonnes per year. CEO Mfikeyi Makayi highlighted that KoBold plans to continue deploying AI to enhance mineral discovery efforts across Zambia and southern Africa, marking its entry as a significant new player in the region's mining sector.
Currently advancing into the engineering studies phase, KoBold will spend the next 24 to 36 months determining the equipment and requirements for the construction phase. Production is targeted to commence by 2031, with the project intended to help reverse Zambia's recent decline in copper output. Speaking at an exhibition celebrating 60 years of Zambia's mining history, Minister of Mines and Minerals Development Paul Kabuswe emphasized the importance of sustainable development, community involvement, and inclusive policies in the future of Zambia's mining sector.
In February, KoBold, backed by high-profile investors such as Bill Gates and Jeff Bezos, announced that the Mingomba project represents Zambia's largest copper discovery in a century. Though no specific size details were provided, KoBold noted the potential parallels with the Kamoa-Kakula mine in the Democratic Republic of Congo (DRC), which produced over 390,000 tonnes of copper last year. KoBold acquired a 52% stake in the undeveloped Mingomba deposit, previously known as the Lubambe extension project, for $115 million in 2022. The remaining ownership lies with Hong Kong-based EMR Capital, which holds 28%, and Zambia's state-owned ZCCM-IH, with 20%. KoBold plans to invest a total of \$2.3 billion to fully develop the Mingomba mine.
